Farmington bioscience firm QCDx secures $7M in new financing
Steve Laschever
Triantafyllos (Fyl) Tafas, Founder is the CEO and director Farmington biotech company QCDx LLC.
Farmington-based biotechnology firm QCDx recently closed on $7 million in new financing.
The company, founded in 2017 by Triantafyllos (Fyl) Tafas, is developing technology to detect rare circulating tumor cells as they travel through the blood system, before they attach themselves to tissue and form a mass.
QCDx on May 1 announced that it had closed on the new financing and that the money would be used, in part, to launch a new diagnostic instrument and a clinical laboratory certified under federal regulations.
The company said the financing comprises $5.3 million in intermediate term debt under a credit facility and the conversion of $1.7 million in existing convertible notes into equity.
It marks the initial closing under a planned $15 million intermediate term credit facility, QCDx said.
Sagittarius Advisors LLC is the administrative agent under the facility.
"Following the development of our proprietary RareScope technology, QCDx is proud to transition into the commercialization phase," said Triantafyllos Tafas, who serves as CEO. "This financing enables acceleration of several major milestones.”
The company said it plans to complete a breast cancer clinical validation study in partnership with UConn Health and relocate to its new certified laboratory facility this year.
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