Test start-up obtains $ 20 million loan to invest in expansion

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Gravity Diagnostics, the rapidly growing medical testing company that processes thousands of COVID-19 tests per day, has received a capital injection to enable further expansion.

PNC Bank authorized a $ 20 million line of credit to the diagnostic lab to support investments in inventory, equipment and operations to increase its capacity, the company said.

Severity diagnosis says it is expanding its market share in the multi-billion dollar lab industry through strategic relationships, a growing sales force and expansion of product offerings.

The Covington-based company is licensed in all 50 states to provide lab tests for COVID-19, as well as other medical diagnoses. In 2020, the lab increased its physical space by 900%, its workforce by 300%, and processed more than 1.5 million COVID-19 samples.

Gravity Diagnostics opened its laboratory in 2016. In 2020, it grew from 20 COVID-19 samples per day to over 20,000. It quickly shifted its activities from its core business of toxicology, pharmacogenetics and drug testing. COVID-19 infectious diseases.

In April 2020, as COVID-19 began to increase, Kentucky’s Department of Public Health announced an agreement with Gravity to provide testing services.

End of January 2021, Kentucky announced the discovery in Kenton County of the most contagious UK variant of the disease, a discovery that was aided by the work of Gravity Diagnostics and its discovery of a unique detection pattern in some specimens.

“We’re providing more information to the experts who monitor and coordinate field efforts, not just ‘positive and negative’ benchmark test results,” says Julie Brazil, COO at Gravity Diagnostics.

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