FREMONT, Calif., June 30, 2013 (GLOBE NEWSWIRE) -- Zyomyx, Inc. announced today that it completed the first closing of its Series 2 Preferred financing totaling US$12 million. The financing was led by Mylan Inc. (Nasdaq:MYL) at approximately US$6 million and included conversion of certain existing funding from the Bill & Melinda Gates Foundation.
Zyomyx concurrently entered an exclusive developing world distribution agreement with Mylan for its proprietary point-of-care (POC) CD4 T-cell count test for HIV patients, the first product developed using Zyomyx's novel platform technology. The test will be available after regulatory approvals.
"We are extremely pleased that Mylan agreed to lead our Series 2 Preferred financing, which will be used to fund initial regulatory approvals and production capacity for our CD4 test," said Peter Wagner, President and CEO of Zyomyx. "The investment underscores the value of both our CD4 test and our proprietary technology, which enables rapid cell capture and counting for a wide range of cells, with potential applications for numerous other human diagnostics and life science markets."
The Bill & Melinda Gates Foundation previously awarded Zyomyx grants through a global initiative for CD4 product development, from which Zyomyx's test emerged as the initiative's most promising technology for use in developing countries at that time. The foundation has since provided additional investments directly to Zyomyx for product development and evaluation trials in Africa.
According to revised World Health Organization guidelines, close to 26 million HIV patients globally are receiving or eligible for antiretroviral therapy. A major barrier to initiating and monitoring treatment among these patients is the inaccessibility of rapid point-of-care diagnostics that can determine a patient's CD4 count, a critical measure of immune system strength, in a single clinical visit. Zyomyx's novel, quantitative and cost-competitive CD4 test was designed to meet this need. The disposable test cartridge is as easy to read as a thermometer; is durable and portable; and delivers results less than 10 minutes from sample collection without requiring expensive laboratory machines.
About Zyomyx, Inc.
Zyomyx, Inc., a privately held diagnostics company based in Fremont, California, is an innovator in the development and commercialization of proprietary diagnostic platforms. The Zyomyx product development infrastructure and suite of proprietary assay and surface technologies are ideally suited for the development of affordable, disposable point-of-care diagnostic products, designed to increase access to testing. Zyomyx's first product is an advanced but simple and inexpensive CD4 T-cell point-of-care test that will be launched globally and is configured to meet the needs of developing countries.
For more information: http://www.zyomyx.com.
About Mylan Inc.
Mylan is a global pharmaceutical company committed to setting new standards in health care. Working together around the world to provide 7 billion people access to high quality medicine, we innovate to satisfy unmet needs; make reliability and service excellence a habit; do what's right, not what's easy; and impact the future through passionate global leadership. We offer a growing portfolio of approximately 1,100 generic pharmaceuticals and several brand medications. In addition, we offer a wide range of antiretroviral therapies, upon which approximately 40% of HIV/AIDS patients in developing countries depend. We also operate one of the largest active pharmaceutical ingredient manufacturers and currently market products in approximately 140 countries and territories. Our workforce of more than 20,000 people is dedicated to improving the customer experience and increasing pharmaceutical access to consumers around the world. But don't take our word for it. See for yourself. See inside. mylan.com