DiabetOmics Inc, a US-based medical diagnostics company, is planning to raise about $ 20 million next year.
It is to fund the commercialisation of the products and expansion of the company’s existing global facility in Hyderabad.
“We plan to raise $20 million via private placement in the first quarter of 2019 for commercialising the three tests we have developed and expanding our India manufacturing facility to meet the global supply of our products. The full-scale expansion to meet global demand is expected to be completed by 2020,” said Dr. Srinivasa Nagalla, Founder CEO, DiabetOmics Inc.
The company is also planning to increase the area of its existing facility from 37,000 sq ft to 57,000 sq ft.
Recently, the company has developed a test for preeclampsia as part of its maternal health focus as well as a blood test for detecting type-1 diabetes and a saliva-based test for type-II diabetes (1-2 week average blood glucose levels).
The company, which has developed a rapid test for preeclampsia as part of its maternal health focus as well as a blood test for detecting type-1 diabetes and a saliva-based test for type-II diabetes (1-2 week average blood glucose levels), is also looking at going public in 2020 with a potential $70-80million offering
“Government adoption at primary healthcare level will take at least 2-3 years. We are already working with global diabetes organisations like JDRF and Helmsley charitable trust and are also talking to others like the Bill & Melinda Gates Foundation, who are working in the maternal health space,” Nagalla added.