NEW YORK (GenomeWeb News) – Swiss molecular diagnostics company Biocartis today announced it has completed its Series C equity financing round, raising €71 million ($96 million).
The firm did not say how the funds would be used, but said that its first platform, code-named Apollo, is being targeted for a 2013 launch. The system was developed in collaboration with Philips Corporate Technologies. Biocartis purchased its technology platform for fully automated DNA/RNA MDx testing from Royal Philips Electronics in 2010.
The system is aimed at the decentralized MDx market and allows multiple assays to be run in any setting without the need for a specialized laboratory environment or trained technicians. In a specialized clinical laboratory setting, Biocartis said, Apollo can generate result in as little as one hour.
Additionally, the company, which was founded in 2007, is developing a second platform built around disposable, microfluidic cartridges with digitally encoded microcarriers for detecting a broad range of biomarkers. The technology will initially focus on protein-based biomarkers, allowing Biocartis to enter the immunoassay space.
Other collaborators working with Biocartis are BioMérieux and Janssen Pharmaceutica, a Johnson & Johnson company.
“Today’s financing is a key step in enabling Biocartis to deliver its broader vision for diagnostics, to enhance each patient’s quality of life by offering better treatments based on better and more personalized diagnostics," the firm's founder and CEO Rudi Pauwels said in a statement.
The Series C round was led by the company's senior management and Peter Verhaeghe, managing partner at WGB. Other investors included Debipharm Group; Philips; Johnson & Johnson Development; the Wellcome Trust; Korys; Valiance; Biovest; the family office of Paul Janssen; IHL SA (Luc Verelst); PMV; New Rhein Healthcare; and the family office of Pauwels.
Corresponding with the raise of the funds, Vincent Vliebergh from Korys; Alex Dittmair from Valiance, Christine Deuschel from Debiopharm; and Stefan Van Reet from J&J are joining Biocartis' board. Ruth Devenyns from KBC Private Equity, and Shahzad Malik from Advent Venture Partners are leaving the board.