O’Melveny Advises First Light Diagnostics on Financing RoundJanuary 16, 2019
FOR IMMEDIATE RELEASE
SILICON VALLEY—JANUARY 16, 2019—O’Melveny represented First Light Diagnostics in the completion of an oversubscribed US$8.25 million Series A-2 financing. The transaction closed this morning.
The company, a developer of breakthrough automated products for rapid, sensitive, and cost-effective diagnosis of life-threatening, antibiotic-resistant infections, will use the new funding to continue development of the MultiPath™ technology to rapidly detect hospital infections and determine their susceptibility to specific antibiotics. This includes preparation and support for product commercialization and launch in early 2020.
The financing includes new investment partners from Think.Health Ventures, 10x Group, and Beacon Angels, along with numerous new individual investors and continued participation from current shareholders, such as; LRV Health and Life Science Angels.
The deal team was led by Warren Lazarow, firmwide Co-Chair of O’Melveny’s Corporate Department, and included Corporate counsel Wenting Yu.
First Light Diagnostics 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.
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