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Hibergene Closes €6.7M Series B Funding Round

NEW YORK (GenomeWeb) – Molecular diagnostics maker Hibergene has closed a Series B funding round of €6.7 million ($7.2 million), the company announced today. The new funds will expand the firm's research and development programs and its international distributor network.

The Series B round was led by Cantor Fitzgerald and included Kernel Capital through the Bank of Ireland Kernel Capital Venture Funds and MedCaptain, Hibergene's distributor for China. Enterprise Investment Scheme (EIS) investment in the UK was advised by Ruffena Capital Ltd resulting in UK-based investors subscribing for shares through the SyndicateRoom investment platform, the firm said.

Hibergene has launched five products in the infectious disease diagnostics space to date that use loop-mediated isothermal amplification (LAMP): tests for meningococcal meningitis, Clostridium difficile, two assays for Group B Strep, as well as its HG Swift platform. The firm plans to launch more diagnostic tests in 2017, including ones for Mycoplasma pneumoniae, influenza A and B, and respiratory syncytial viruses 1 and 2. 

The company currently has 24 distributors covering 36 countries, across Europe, Asia, the Middle East and Africa, and this will be expanded to cover additional territories, including North and South America.