Cozart raises L3.1 million to fund its expansion and broaden R&D

UK medical diagnostics firm Cozart Bioscience has raised L3.1 million($4.4 million) in a private funding round. The money will be used to increase and accelerate production of its drug-of-abuse tests, support new territory launches, broaden R&D and expand sales and marketing activities.

In 1999, the company launched a saliva-based, point-of-care drug-of-abuse test called Cozart RapiScan, which can test for up to five different drugs simultaneously and provide results in a mater of minutes. Cozart notes that the worldwide market for drugs-of-abuse testing is forecast to reach around $1.5 billion by 2002.