Queensland-based Microbio completes successful investment round

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Queensland’s biotechnology scale-up Microbio has closed its latest investment round after surpassing its $3.5 million target.

The company said the investment will help facilitate more regulatory approvals in international markets.

The company's InfectID diagnostic technology is already cleared for distribution and use in Europe and the UK, with approval in India and South America expected by the end of 2022, and approval by the Australian TGA expected in 2023.

The company said the capital raised will also assist in facilitating market entry into these jurisdictions.

Microbio CEO Paul Carboon said the latest capital raise saw existing and new investors show strong support for the company's bloodstream infection tests.

“In addition to welcoming several significant new investors, our existing investors also reaffirmed their belief in how Microbio is progressing and topped up their investment in the company,” said Mr Carboon.

“We have seen a lot of support from investors including CJ3 Capital, many of whom may wish to take an even bigger stake in the company, and we will factor in their interest when considering any future capital raise.”

The company said the next investment round is expected in 2023 with a target of raising around $10 million.

It will be aimed at gaining regulatory clearance, entering further international markets including the US, expanding International sales and distribution partnerships and onshoring manufacturing processes.

InfectID-BSI is an in vitro diagnostic test that can improve patient outcomes by telling clinicians within three hours of taking a blood sample which infection to treat.

The current ‘gold standard’ method to identify the causative pathogen is a slow, two-step blood culturing and identification process. This process usually takes between 12 hours and seven days and has limited sensitivity.

“InfectID-BSI provides the potential for early bloodstream infection and sepsis diagnosis and therefore earlier use of optimal antimicrobials, which is likely to reduce the length of hospital stays and healthcare costs.

“We are excited that commercialisation is now on the horizon and that we are a step closer to providing this powerful diagnostic tool to clinicians across the globe,” added Mr Carboon.