binx health Raises $104 Million in Series E Financing
- Financing led by OrbiMed, and includes Arrowmark Partners, Hildred Capital Management, Alta Life Sciences and Parian Global
- Proceeds to support expansion of manufacturing for first-of-kind, FDA-cleared, CLIA-waived binx io rapid molecular diagnostic test, menu expansion, and the company's data and software architecture for its at-home and in-clinic businesses
BOSTON, May 27, 2021 /PRNewswire/ -- 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, today announced the closing of a Series E financing of $104 million. The financing 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 believe binx is positioned to transform how people think about access to routine testing. With their 'everywhere care' strategy, and remarkable molecular platform, we are thrilled to have led this round with a blue-chip syndicate, all as partners in the journey ahead," said Matthew Rizzo, OrbiMed Partner.
"We're especially excited by our investment in binx, given its commitment to scientific rigor and its leadership position in sexual health in CLIA-waived settings," said Tuan Huyn of ArrowMark.
"With key catalysts in place to accelerate effective point-of-care testing, we're excited to be working with the binx team in its mission to provide better and faster diagnostic capabilities to healthcare providers and consumers," said Andrew Goldman of Hildred Capital Management.
"binx is a unique company that sits at the intersection of high-quality testing, consumer convenience, and a shift to decentralized settings. We are thrilled to have joined the story at its commercial inflection," said Scott Moonly of Alta Life Sciences.
"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."
The Company's 'Everywhere Care' business model is premised on the view that testing solutions for many diseases and disorders are needed in both traditional healthcare delivery locations and through remote and at-home access, to truly provide better access in support of 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. Through our omnichannel platform, we enable our enterprise customers to service their patient populations, no matter their preference or location.
Torreya Capital served as binx's financial advisor and placement agent for the financing. binx health was represented by its UK counsel, Taylor Vinters, and its US counsel, Foley Hoag LLP in connection with the financing, OrbiMed was represented by Morrison & Foerster LLP.
OrbiMed is a leading healthcare investment firm, with approximately $18 billion in assets under management. OrbiMed invests globally across the healthcare industry through a range of private equity funds, public equity funds, and royalty/credit funds. OrbiMed's team of over 100 professionals is based in New York City, San Francisco, Shanghai, Hong Kong, Mumbai, Herzliya and other key global markets.
About ArrowMark Partners
ArrowMark Partners is an employee-owned asset management firm founded in 2007. Today, ArrowMark manages $23.2 billion in assets on behalf of a broad array of institutional clients and professional asset allocators across alternative credit and capacity-constrained equity strategies, as well as through the management of broadly syndicated and middle-market CLO Funds. Our unique approach, based on the team's collective experience navigating market cycles, provides extensive insights across the capital structure and a skilled understanding of how to manage complex risk/reward tradeoffs through fundamental research.
About Hildred Capital Management
Hildred Capital Management, LLC is a New York-based private equity investment firm that pursues growth equity investments in lower middle market healthcare companies with leading products, technologies and services. Hildred focuses on opportunities to create value from earnings growth, operational improvements and multiple expansion in companies with revenues of $0 to $100 million. Areas with attractive fundamentals where Hildred may invest include the following healthcare subsectors: healthcare services, consumer products, information technology, medical devices, and pharmaceuticals; including the related industries that surround these healthcare subsectors. www.hildredcapital.com
About Alta Life Sciences
Alta Life Sciences Spain I FCR (ALSS I FCR) is a venture capital fund that invests in companies in all their stages of development: from financing through seed capital to business growth, and in all spheres of life sciences including biotechnology, medical devices, diagnosis, genomics and digital health. Altamar Private Equity SGIIC, a leading independent firm in the management of international private assets with approximately €8.5b of historically committed capital and assets under distribution is the managing company of ALSS I FCR and Alta Life Sciences, S.L., formed by leading professionals in the life sciences business, act as exclusive investment advisor. www.altals.com
About Parian Global
Parian Global is a fundamentally oriented investment manager focused on technology-enabled businesses in the healthcare and financial sectors. The firm seeks out opportunities created by innovation, strategic evolution, and structural change within these industries through investments in public and late-stage private companies.
About binx health
binx health is a healthcare technology and diagnostics company that makes routine testing convenient by enabling access to care where people live, work, study and shop. The Company works with large corporate partners and institutions who have access large patient populations and have a significant interest in delivering or facilitating better healthcare to provide access to and enable more streamlined delivery of diagnostic testing and care. Its omnichannel platform includes the point-of-care io platform which puts central-lab quality testing solutions in the hands of clinicians everywhere and the Company's suite of physician-mediated and medically guideline-driven, at-home sample collection offerings which bring high quality testing, population health tools and seamless digital integration capability to those unable or unwilling to visit a clinic location.
binx's FDA-cleared, CLIA-waived io platform is the first ever point-of-care tool for the detection of chlamydia and gonorrhea that provides central lab performance results in about thirty minutes. Its platform is highly flexible, easy-to-use, and rapid, offering molecular point-of-care answers at central-lab quality performance and for the first time enabling single-visit test and treatment. The Company is currently expanding its platform into COVID-19 testing by combining our proprietary electrochemical detection with CRISPR methods.
binx health Investor and Media Contacts:
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