Avitar set to expand with $10million funding:
This article was originally published in Clinica
Executive Summary
Oral fluid diagnostics specialist Avitar has signed a $10m standby equity financing deal with Cornell Capital Partners. Avitar's chairman and CEO, Peter Phildius, explained that the financing would provide the working capital to invest in resources to "enhance and expand" its ORALscreen business. ORALscreen is a noninvasive, rapid, onsite oral fluid test for drugs of abuse, targeting a $1.5bn market. Avitar will be able to draw $250,000 tranches at any time, up to a maximum of $1m a month. Avitar is based in Canton, Massachusetts.