NEW YORK – Microbiology testing and diagnostics firm PathoQuest today announced the closing of an €8 million ($8.9 million) financing round.
The funding includes a loan from Norgine Ventures and financing from previous investors Kurma Partners, Idinvest Partners, and Charles River Labs, as well as new investor Investiere.
The money includes €427,000 in non-dilutive funding from the French public investment program Investissement d'Avenir concours d'innovation i-Nov.
Other details, including PathoQuest's intended use of the funds, were not disclosed.
"We are excited to make this investment in PathoQuest, since they represent an exciting healthcare company that delivers novel solutions addressing challenges faced by biopharmaceutical companies," Chris Gay-Crosier, head of international investments at Investiere, said in a statement.
PathoQuest, an Institut Pasteur spinout based in Paris, offers metagenomic next-generation sequencing tests for clinical pathogen detection such as the CE-IVD marked iDTECT Dx Blood test. The firm also offers testing services to pharmaceutical companies to detect contaminants in biologics production.
Norgine Ventures is an investment arm of Amsterdam-based pharmaceutical company Norgine. Kurma Partners is a European venture fund. Charles River Labs is a US-based contract research organization that has a biologics partnership with PathoQuest. Idinvest Partners is a European private equity firm. Investiere is a Swiss venture capital network.
"We are pleased to complete this financing round since it will permit the company to further establish our position as a leader in the application of NGS to microbiologic testing, PathoQuest CEO Jean-Francois Brepson said in a statement. "This financing is a direct result of the company's efforts to date, including the rapid expansion of our Biologics Genomic Services business and the advancement of efforts with iDTECT Blood in a clinical setting."
PathoQuest raised €3.8 million in Series B funding in 2013.