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Biocartis raises EUR30m in series B financing round

Biotech company Biocartis has closed a series B equity financing round which raised EUR30m (USD41.3m) from its current shareholder base of life science investors and two new investors from the pharmaceutical/diagnostic industry.

The new investors are the Debiopharm Group (Switzerland) and Johnson & Johnson Development Corporation, which have each obtained a minority stake in Biocartis.

The financing round was also underwritten by Aescap, Biocartis’ original lead-investor (The Netherlands), Biovest (Belgium), Advent Venture Partners (UK), several Biocartis employees and Benaruca, the family investment vehicle of Biocartis’ co-founder Rudi Pauwels.

Biocartis has developed and licensed a series of new technologies to build a broadly applicable new diagnostics platform for low to highly multiplexed detection, quantification, and amplification of molecular-based biomarkers, including nucleic acids, proteins, and small molecules.

Following its recent acquisition of the Philips’ technology for rapid and fully automated DNA/RNA molecular diagnostic testing, Biocartis will use the proceeds of this round to accelerate its plans to finalise the development and validation of the first version of its proprietary new platform.

“Debiopharm recognised some time ago that companion diagnostics would play an increasingly important role in personalized medicine and the cost-effectiveness of healthcare in general,” says Thierry Mauvernay, executive vice president of Debiopharm Group. “We are extremely happy to have started a new financial partnership with a dynamic start up company that has all the necessary strengths and management know-how to become a leading player in the field of in-vitro-diagnostics. Its potential combined with the various disruptive technologies it has created and licensed is perfectly in line with Debiopharm’s own efforts at the frontline of innovation in life-sciences at large.”

Pauwels adds: "This successful financing, within weeks after closing the acquisition of the Philips technology, is yet another important step in our plans to bring a novel and cost-effective diagnostic solution to the healthcare community. There is a global need to turn the many scientific advances in the understanding of the molecular basis of diseases and treatments into routine daily clinical practice. The commitment and support of the Biocartis Board members, shareholders and employees have been instrumental in Biocartis’ rapid progress on this mission. I am particularly pleased that two new investors have now joined Biocartis.”

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