– Financing led by OrbiMed, and includes Arrowmark Partners, Hildred Capital Management, Alta Life Sciences and Parian Global –
– Proceeds to support expansion of manufacturing for first-of-kind, FDA-cleared, CLIA-waived binx io rapid molecular diagnostic test, menu expansion, and the company’s data and software architecture for its at-home and in-clinic businesses
binx health, a healthcare technology and diagnostics company that makes routine testing convenient by enabling access to care where people live, work, study and shop, today announced the closing of a Series E financing of $104 million. The financing was led by OrbiMed, and included other new investors Arrowmark Partners, Hildred Capital Management, Alta Life Sciences and Parian Global, along with existing investors LSP and Johnson and Johnson Development Corporation, among others. In connection with the financing, Andrew Goldman, Co-founder and Managing Partner of Hildred Capital Management, will join the Company’s Board of Directors.
“We believe binx is positioned to transform how people think about access to routine testing. With their ‘everywhere care’ strategy, and remarkable molecular platform, we are thrilled to have led this round with a blue-chip syndicate, all as partners in the journey ahead,” said Matthew Rizzo, OrbiMed Partner.
“We’re especially excited by our investment in binx, given its commitment to scientific rigor and its leadership position in sexual health in CLIA-waived settings,” said Tuan Huyn of ArrowMark.
“With key catalysts in place to accelerate effective point-of-care testing, we’re excited to be working with the binx team in its mission to provide better and faster diagnostic capabilities to healthcare providers and consumers,” said Andrew Goldman of Hildred Capital Management.
“binx is a unique company that sits at the intersection of high-quality testing, consumer convenience, and a shift to decentralized settings. We are thrilled to have joined the story at its commercial inflection,” said Scott Moonly of Alta Life Sciences.
“We are witnessing a transition in healthcare from centralized to decentralized models, supported by proprietary solutions at point-of-care and at-home that have the potential to broaden access to care for millions. We are gratified that our new investor syndicate shares our vision around consumer convenience, healthcare equity and ‘everywhere’ access to high-quality testing,” said Jeff Luber, Chief Executive Officer of binx health. “The proceeds from this financing will help us reach even more people with the care they need where they live, work and shop, while we ramp manufacturing and scaling of our proprietary binx io testing instrument and cartridges, expand our sales efforts in the U.S. and abroad, and further build out our proprietary software platform and data infrastructure.”
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The Company’s ‘Everywhere Care’ business model is premised on the view that testing solutions for many diseases and disorders are needed in both traditional healthcare delivery locations and through remote and at-home access, to truly provide better access in support of total population health. For in-clinic/at-retail locations, the binx io rapid molecular point of care platform offers onsite convenience in a CLIA–waived solution for chlamydia and gonorrhea that can provide testing, diagnosis and treatment in the same visit. For those unable to access in-person testing, binx at-home offers convenience and high-quality access to care through remote sample collection. Through our omnichannel platform, we enable our enterprise customers to service their patient populations, no matter their preference or location.
Torreya Capital served as binx’s financial advisor and placement agent for the financing. binx health was represented by its UK counsel, Taylor Vinters, and its US counsel, Foley Hoag LLP in connection with the financing, OrbiMed was represented by Morrison & Foerster LLP.
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