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Through their omnichannel platform, binx enables their enterprise customers to service their patient populations, no matter their preference or location.
FREMONT, CA: 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, announced the closing of a Series E financing of $104 million. The funding 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 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 traditional healthcare delivery locations and through remote, and at-home access to truly provide better access in support of the 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.
Torreya Capital served as binx's financial advisor and placement agent for the financing. binx health was represented by its U.K. counsel, Taylor Vinters, and its U.S. counsel, Foley Hoag LLP; in connection with the financing, OrbiMed was represented by Morrison & Foerster LLP.
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