Johnson & Johnson Innovation – JJDC, the corporate venturing arm of medical products group Johnson & Johnson, has participated in a $104m series E round for US-headquartered molecular diagnostics technology developer Binx Health.
Healthcare-focused investment firm OrbiMed led the round, which included Arrowmark Partners, Hildred Capital Management, Alta Life Sciences, Parian Global Management, Life Sciences Partners (LSP) and unnamed additional investors.
Formerly known as Atlas Genetics, Binx has developed a point-of-care molecular diagnostic testing platform for sexually transmitted infections such as chlamydia and gonorrhoea. It also supplies at-home testing services those unable to access in-person testing.
The series E proceeds will enable the company to ramp up the production of its molecular diagnostic tests, further develop its software platform and expand its sales capabilities in the United States and abroad.
Binx has raised about $190m to date. Johnson & Johnson Innovation – JJDC also participated in its $35m series D round in 2017 alongside medical diagnostics firm Wondfo Biotech and pharmaceutical companies Novartis and Consort, the latter investing about $3.9m to increase its stake to 15.2%.
That round also featured RMI Partners, LSP, BB Biotech Ventures and Technology Venture Partners, while Novartis was represented by investment vehicle Novartis Venture Funds.
Novartis Venture Funds, Johnson & Johnson Innovation – JJDC and Consort had taken part in a $20m series C round for Binx in 2015 with RMI Partners, LSP, BB Biotech Ventures and South West Ventures Fund.
Tjhe 2015 round came after a $28.6m series B round the year before that included Consort, Novartis Venture Funds, Johnson & Johnson Innovation – JJDC, Life Sciences Partners, BB Biotech Ventures, YFM Equity Partners and unnamed others.