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Zyomyx Receives Financing to Enable Launch of Low-Cost, Rapid Point-of-Care CD4 Test for HIV

Zyomyx, Inc. announced that it completed the first closing of its Series 2 Preferred financing totaling US$12 million. The financing was led by Mylan Inc. 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.

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