BioFluidica Announces $6 Million Series B2 Funding to Support the Commercialization of its Liquid Biopsy Microfluidics Platform, the LiquidScan™, and the Development of its Advanced Handheld Covid-19 Detection Device for Consumer At-Home Testing

SAN DIEGO, Feb. 8, 2022 /PRNewswire/ -- BioFluidica, Inc., a biotechnology company developing a diagnostic platform allowing for disease management and diagnosis, today announced that it has raised over $6 million in the initial closings of its Series B2 financing.  Additional closings in this targeted $10 million financing are anticipated following successful completion of development milestones relating to BioFluidica's handheld infectious disease detection device using nanofluidics for ultrafast high-sensitivity detection of virus particles. The funding round was led by BioFluidica's existing investor base, with participation from new investors.   

"We are grateful for the continuing financial support of our existing investors and welcome our new investors," said CEO Dr. Rolf Muller. He added, "This funding will allow BioFluidica to expand the commercialization of its LiquidScan™ instruments and consumables, for the isolation and analysis of all Liquid Biopsy biomarkers including cells, exosomes & cell free nucleotides on one platform. This investment also supplements funding from the National Institutes of Health's Rapid Acceleration of Diagnostics (RADx) initiative to advance the commercial development of our handheld device for infectious disease testing with its first Point-Of-Care device for low-cost, high-sensitivity Covid-detection at-home."

Dr. Steven Soper, Foundation Distinguished Professor of Chemistry, Mechanical Engineering, Bioengineering, and Cancer Biology at the Kansas University as well as BioFluidica's cofounder added "This funding will bring the advantage of advanced micro- and nanotechnology to patients worldwide. Specifically, innovative tools will evolve that can revolutionize healthcare, especially for cancer patients, through the use of liquid biopsies. In addition, new at-home tests will be generated that can assist in improving the management of current and future issues with viral infections."

About BioFluidica

BioFluidica is a privately held biotechnology company that has developed a revolutionary liquid biopsy platform allowing for isolation and analysis of all liquid biopsy biomarkers including cells, exosomes and cfDNA on one fully automated platform. The Biofluidica platform  has been clinically validated on 9 different cancer and prenatal patient samples and is currently used for a large variety of research applications to advance the field of liquid biopsy. The ultralow sensitivity expands the capability of current liquid biopsy applications. For more information, please visit www.biofluidica.com

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The information and material provided herein that are not historical facts are or might constitute projections and other forward-looking statements regarding future events that involve substantial risks, uncertainties, and assumptions. If any of these risks or uncertainties materializes or if any of these assumptions prove incorrect, the results of BioFluidica could differ materially from the results expressed or implied by any forward-looking statements.  The risks, uncertainties, and assumptions referred to above include, but are not limited to: the uncertainties inherent in biotechnology research and development; decisions by regulatory authorities regarding whether and when to approve diagnostic tests; our and our partners' ability to successfully commercialize and market both new and existing tests and products; governmental laws and regulations affecting health care, including regarding access, pricing and reimbursement of diagnostic tests; the strength of our intellectual property portfolio; our history of losses; whether we are able to achieve or sustain profitability; our highly competitive industry; our ability to compete effectively; security and privacy risks; and our ability to continue to innovate and provide products and services that are useful to patients and providers, among other risks, uncertainties, and assumptions.

This press release is not, and nothing in it should be construed as, an offer, invitation or recommendation in respect of BioFluidica's securities, or an offer, invitation or recommendation to sell, or a solicitation of an offer to sell, any of BioFluidica's securities in any jurisdiction.

SOURCE BioFluidica, Inc.