Rheonix develops fully automated microfluidic-based molecular assays and sells the Rheonix CARD® cartridge used on its Encompass Optimum™ platform. The enclosed CARD cartridge enables assays to be performed in a fully automated format that the company says reduces contamination risk, lowers cost, reduces user error and streamlines workflow. Rheonix holds a patent for the Rheonix CARD® cartridge. Management has stated the new capital will fund further product development and increase focus on commercialization and marketing. The company targets research, healthcare, food-safety testing and point-of-care settings. Rand Capital has characterized Rheonix as one of its largest portfolio holdings. Rheonix builds fully automated molecular diagnostics systems and consumables, including the Rheonix CARD®, a credit-card-sized disposable cartridge that can run multiple samples simultaneously without user intervention. The company planned to use the financing to complete a manufacturing build-out and launch its first commercial product, expanding physical operations to produce consumables and systems. Funds were also intended to enable fulfillment of a joint development agreement with Life Technologies, which will market, sell and distribute Rheonix-supplied technology. The raise consisted of a combination of debt and equity investments totaling $14 million. Rand Capital has been an investor since 2009 and, following this financing, will have invested $2.1 million in equity. Rheonix maintains offices in Ithaca and Grand Island, New York. Rheonix develops the Rheonix CARD™ (Chemistry And Reagent Device) system, a polymer chip microfluidic analytic platform that vertically integrates raw sample preparation, molecular amplification and multiplex analysis. The CARD system is modular and designed to provide rapid product development and to allow end users to automate new or existing assays using single or multiple raw clinical samples. The company says the platform integrates all functions of traditional molecular diagnostic instrumentation into a single system. Rheonix is continuing development of the Rheonix CARD with new capital from its recent financing. The company is based in Ithaca, NY. No operating metrics were disclosed in the article. Rheonix commercializes CARD (Chemistry And Reagent Device) microfluidic technology that provides an automated diagnostic platform for a broad spectrum of markets including human and veterinary in vitro diagnostics, biopharmaceutical and food & beverage manufacturing, food and water safety testing, and homeland security and defense applications. The company is a spinout of the microfluidic division of Kionix and is based in Ithaca, New York, with a separate Corporate Development and Scientific Affairs facility in Grand Island, New York following its 2008 acquisition of Innovative Biotechnologies International. Rheonix is ramping up efforts to commercialize a series of molecular diagnostic assays aimed at the infectious disease market. The article reports a recent equity financing that supports those commercialization efforts. No operating metrics (revenue or users) are disclosed in the article.

Total raised

$55M

Funding rounds

5

Latest round

Series B

Latest activity

Oct 2015