Gains equity funding from Dutchess Capital
OSI Optoelectronics has agreed to manufacture Micro Identification Technologies’ (MIT) rapid microbial identification (ID) system, the MIT 1000. OSIO has manufacturing facilities in California, US, Malaysia and India, which are ISO 9001:2000 certified, FDA registered and GMP compliant.
In addition, the firm fabricates the photodiode detectors used in the MIT 1000 and has the ability to supply other components. OSIO will also assist MIT in future product designs.
“We are pleased to work with MIT as we feel their innovative product will become a valuable tool to help prevent widespread bacterial contamination,” said Manoocher Mansouri, OSIO's president.
MIT, based in San Clemente, California, US, currently produces the MIT 1000 Rapid Microbial Identification (ID) System that can identify bacteria in less than five minutes after culturing at a cost of less than US$10c per test.
MIT's primary focus is in food safety, but it says its technology could also be used in clinical diagnostics, pharmaceutical and semiconductor processing, as well as drinking water testing. The technology is also adaptable to perform identification in air. The company says each of these applications will be pursued over the next few years.
The firm recently obtained an equity financing commitment of up to US$5m over three years from Dutchess Capital, based in Boston, MA.
MIT's chief executive, Michael Brennan, said: “It is one of several financing strategies that will be pursued to accelerate the commercialisation of our products and business growth. Dutchess has the track record and experience in the industry and has been a leader in providing equity credit lines for over 10 years, which contributed significantly to selecting them as our partner.”