First Light Diagnostics Announces Closing of a $4.5 Million Debt Financing

CHELMSFORD, Mass., June 19, 2019 (Newswire.com) - First Light Diagnostics Inc., a developer of breakthrough automated products for rapid, sensitive and cost-effective diagnosis and treatment of life-threatening, antibiotic-resistant infections, today announced the closing of a $4.5 million debt financing.

This includes a Lease Line with CSC Leasing of Virginia that will be used to acquire equipment and infrastructure to support development and pilot manufacturing. In addition, First Light has secured a debt financing facility with MassDevelopment to support the company's working capital requirements. 

The MultiPath™ platform, by First Light Diagnostics, delivers antimicrobial susceptibility testing directly from the patient sample without culture to ensure that patients suffering from infection receive appropriate antibiotic treatment more rapidly than current practices.

Technical studies have proven that the MultiPath technology is able to detect infection, identify pathogens and determine the appropriate targeted therapy in hours rather than days, using samples taken directly from patients. The platform delivers a test that is rapid, accurate and easy to use.

“We are pleased with our company’s steady progress, which has created the opportunity to access capital,” said David Macdonald, CEO of First Light Diagnostics. “With this financing, we will continue to build on our success toward commercialization of our MultiPath platform.”

About First Light Diagnostics

First Light Diagnostics Inc. is developing and preparing to commercialize innovative diagnostic products for rapid, sensitive and cost-saving detection of life-threatening infections and combating the spread of antibiotic resistance. Don Straus is the company’s founder and primary inventor of the company’s core scientific technology. Based on its proprietary MultiPath™ detection technology, First Light’s products combine the clinical performance of the most advanced commercial laboratory tests with speed, cost-effectiveness and ease of use. The tests rapidly detect infections, identify infectious agents and determine effective targeted antibiotic therapy. This will improve patient outcomes, reduce healthcare costs and prevent inappropriate use of powerful antibiotics. To learn more, please visit www.firstlightdx.com.

CONTACT:
David Macdonald
President and CEO
First Light Diagnostics
dmacdonald@firstlightdx.com
Mobile: (858) 997-9641

Source: First Light Diagnostics Inc.