Oxford Nanopore Technologies PLC (LSE:ONT) has secured a £70 million investment from French in-vitro diagnostics (IVD) company bioMérieux, in exchange for a 3.5% stake.
Family-owned bioMérieux said it expects to make further purchases in the market of Oxford Nanopore's shares "from time to time", up to a further stake of 3.5%.
The investment follows the two companies forming a partnership earlier this year, and the cash will support Oxford Nanopore's further development of its "groundbreaking" nanopore-based IVD technology.
As part of the agreement, an IVD Advisory Board will be set up to advance nanopore technology in clinical applications.
The investment comes as the two firms aim to meet an unmet need in clinical diagnostics – an arena where Oxford Nanopore’s sequencing technology offers the promise of rapid, cost-effective pathogen characterization.
Oxford Nanopore boss Gordon Sanghera said: "This investment will enable us to deliver rapid, accessible, and affordable clinical tools more quickly to address unmet needs and improve healthcare worldwide."
He also reaffirmed the company's target to reach EBITDA breakeven by 2026.