DURHAM – Baebies has raised nearly $12 million in debt financing from 87 investors, according to an SEC filing.
The filing, which notes that the company began to raise funds in May 2021, was signed by CEO Richard West. The company closed a $28.3 million equity round in May 2021, from 173 investors, as well.
But the latest round, which will yield the company $11,943,439, is a debt-only round, according to the latest filing.
In November, the company announced it had developed an RT-PCR test to identify SARS-CoV-2 to provide accurate testing with rapid results in as few as 17 minutes using the company’s diagnostic platform known as FINDER 1.5.
The company, whose products are “powered by digital microfluidics (DMF), an innovative technology to electronically manipulate microliter-sized drops of liquid,” according to the firm’s LinkedIn company page.
The company received a $11.6 million grant in April 2021, which WRAL TechWire reported was to be allocated in order “to support the development of a near-patient and rapid diagnostic testing platform to identify sepsis, specifically for neonatal and pediatric patients.”
Newborn and pediatric screening test firm Baebies has now raised $28.3M from 173 investors
Screenings continue
The company also surpassed 10 million screenings in the first quarter of 2021, and now has passed 12 million screenings, according to the company’s website. In 2017, the company originally received FDA clearance for its SEEKER system, which “measures the activity of four enzymes in dried blood spot samples that can indicate various lysosomal storage diseases (LSDs),” according to prior reporting from WRAL TechWire.
“We miniaturize conventional diagnostic testing to enable faster results using smaller sample sizes,” the company’s LinkedIn page reads. “Our testing platforms provide the answers you need while decreasing potential harm experienced from frequent invasive testing on the most vulnerable patients. Over 12 million tests delivered, and counting. Every test is a chance to save a life.
The company is currently hiring for 15 positions, according to its website.
The company could not be reached for comment.
