We will leverage this funding to extend the reach of our commercial infrastructure and support the advancement of our product development pipeline.
Sarasota, FL (PRWEB) October 13, 2014
RPS Diagnostics, Inc. (RPS®), a developer, manufacturer, and marketer of rapid point-of-care (POC) diagnostic tests, today announced the closing of $28 million of non-dilutive debt financing with OrbiMed. This and other preceding financing allow RPS significant flexibility as it continues to grow and advance toward profitability.
The combination of RPS’s strong intellectual property (IP) and unique technology platforms facilitates the development of unique and easy-to-use tests that target critical and unmet healthcare needs in the diagnostic marketplace. RPS tests allow healthcare providers to more accurately diagnose diseases, provide appropriate and timely treatment, and reduce the healthcare costs associated with spread of disease and unnecessary treatment methods. RPS has two FDA-cleared and CLIA-waived products currently on the market, AdenoPlus® to aid in the diagnosis of Adenoviral conjunctivitis (pink eye) and InflammaDry® to aid in the diagnosis of dry eye disease, as well as a robust pipeline of tests in development.
"As one of the premier global healthcare investors, OrbiMed’s extensive network and healthcare industry prowess will be instrumental to RPS’s continued success,” said Robert Sambursky, chief executive officer and president of RPS. “We will leverage this funding to extend the reach of our commercial infrastructure and support the advancement of our product development pipeline.”
OrbiMed is a leading investment firm dedicated exclusively to the healthcare sector, with approximately $12 billion in assets under management. OrbiMed invests globally across the spectrum of healthcare companies, from venture capital start-ups to large multinational companies. OrbiMed's team of more than 80 employees manages a series of private equity funds, public equity funds, royalty/debt funds and other investment vehicles. OrbiMed maintains its headquarters in New York City, with additional offices in Herzliya, San Francisco, Shanghai, and Mumbai.
Founded in 2004, RPS Diagnostics, Inc. (RPS) is an emerging developer, manufacturer, and marketer of rapid point-of-care (POC) diagnostic tests. The company’s innovative and patented technology platform facilitates the development of a spectrum of cost-effective tests to support the rapid diagnosis of patients with infectious diseases and inflammatory conditions. As a result of U.S. government contracts, this platform is also being developed to help detect the body’s immune response to viral and bacterial infections as well as chemical nerve agent blood toxins. RPS tests have high sensitivity and specificity, and can be easily performed by a clinician or their staff without extensive training or additional equipment. Currently available RPS tests include AdenoPlus® to aid in the diagnosis of Adenoviral conjunctivitis (pink eye) and InflammaDry® to aid in the diagnosis of dry eye disease. For more information on RPS or its products, visit RPSdetectors.com.
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Media contact: Laura Lovejoy • laura(at)saranova(dot)net • 941.928.9025