DURHAM – Baebies Inc., a company providing products for newborn screenings and pediatric testing, has raised $12.7 million, according to a filing Tuesday with the Securities and Exchange Commission.
The money was raised from 79 investors in the form of equity, according to the filing. The company has $238,267 left to raise to meet its goal of $13 million.
Baebies raised $10 million in Series B financing in November, primarily from BOE Technology Group Co. Ltd., a supplier of display and interface solutions.
The Durham-based company also received funding from previous investors and the North Carolina Biotechnology Center.
Baebies develops products such as Seeker and Finder which test for potential diseases in newborns. Seeker, which tests for lysosomal storage disorders, was approved by the Food and Drug Administration in February of last year.
Seeker is the only screening product of its kind approved by the FDA. The company has since shipped more than 2 million Seeker tests.
Baebies was founded in 2014 by Richard West and Vamsee Pamula after the two founded and eventually sold Advanced Liquid Logic, a Duke University spinout that developed lab-on-a-chip technology, to Illumina Inc. for $96 million in 2013.
Companies relying on a Reg D exemption do not have to register their offering of securities with the SEC, but they must file what’s known as a Form D electronically with the SEC after they first sell their securities.
This story is from the North Carolina Business News Wire, a service of the UNC-Chapel Hill School of Media and Journalism
