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Medical Diagnostics Company STAT-Diagnostica Secures 22.1 Million USD/17 Million Euros in Series B Financing
Founded in 2010 and based in the Barcelona Science Park, STAT-Diagnostica develops Near Patient Testing systems that simplify and reduce time to results for the diagnosis of certain medical conditions. The company's novel in vitro diagnostic system is a versatile, easy-to-use platform that consolidates molecular and immunoassay techniques in a single device. The first clinical applications will be directed at infectious disease detection, antibiotic resistance determination and detection of biomarkers in critically ill patients.
"The Series B financing is a significant milestone that will support our preparation for a European market launch in 2015," said Jordi Carrera, CEO and co-founder of STAT-Diagnostica. "Our ability to close the round is proof of the outstanding team behind the company, and demonstrates the potential of our technology in the fast growing decentralized diagnostics market."
STAT-Diagnostica's platform not only offers multi-analyte and multi-sample capabilities, but it also reduces current diagnosis times (which can take up to several days) by providing results in less than 30 minutes. The system's rapid performance will enable improved clinical decision making by medical practitioners, delivering better patient management with direct and indirect savings to the healthcare system.
"STAT-Diagnostica's technological potential is evidenced by both its novel diagnostic platform and the future diagnostic kits it will enable. In addition, we have found the company to be led by a team with exceptional competence, quality and professionalism," said Rémi Droller, managing partner, Kurma Life Sciences Partners. "We have led this financing round with great enthusiasm, and we share with all the investors the vision of transforming STAT-Diagnostica into a reference company in the field of Near Patient Testing diagnostics."
As part of the Series B financing, Ysios Capital significantly increased its investment in STAT-Diagnostica to become the company's largest shareholder. Raúl Martín-Ruiz, investment director at Ysios Capital, commented on the firm's increased stake in the company. "When we invested in STAT-Diagnostica in June 2011, the company was almost just an idea. Within two years, STAT-Diagnostica has achieved pre-commercial validation of the technology, which has reduced the technological risks significantly, and has successfully raised the interest of specialized international investors. We are very satisfied to have played a relevant role building up the investors syndicate."
Grant Thornton acted as financial advisor for the new investors and Cuatrecasas as legal advisor. Rousaud Costas Duran acted as legal advisor for the company.
About Kurma Life Sciences Partners
Founded in 2009 and based in Paris, Kurma Life Science Partners is a venture capital firm with more than 135 million Euros under management. KLS Partners is supported by two long-term investors: Natixis part of Group BPCE, the second largest French bank; and state-owned Caisse des Depots et Consignations. Kurma is active in the complete biotech value chain, from technology transfer to more mature companies. KLS Partners has developed access to investment opportunities through a network of privileged partnerships in France and abroad, including the Institut Pasteur, Institut Curie (France), the Imperial College, University College London (UK), Karolinska Development (Sweden), and the VIB (Belgium).
About Ysios Capital
Ysios Capital is an independent venture capital firm providing private equity financing to early- and mid-stage human healthcare and biotechnology companies with special focus on pharmaceuticals, diagnostics and medical devices. Founded in 2008, Ysios Capital manages Ysios BioFund I with 69million Euros and a portfolio target of 10 to 12 companies. Ysios' investments to date include: Inbiomotion (Barcelona), Medlumics (Madrid), AM-Pharma BV (Bunnik, Netherlands), STAT Diagnostica (Barcelona), Sabirmedical (Barcelona), Cardoz (Stockholm), Endosense (Geneva), BioVex (now Amgen, Boston) and Cellerix (Madrid, now NYSE Alternext Tigenix NV: TIG).
About Idinvest Funds
With more than 3.5 billion Euros under management, Idinvest Partners is a leading pan-European private equity management firm focused on the low and middle market segments. The company has developed several complementary areas of expertise, including investments in young innovative European companies; primary, secondary and mezzanine investments in European non-listed companies; and private equity consulting. Formerly part of the Allianz Group, the firm was founded in 1997 and gained its independence in May 2010 with support from the IDI Group.
About Boehringer Ingelheim Venture Fund
The Boehringer Ingelheim Venture Fund was formed in March 2010 to invest in biotechnology and start-up companies to help drive innovation in medical science. These may include - but are not limited to - novel technologies to address targets not treatable with pharmaceutical drugs; next generation vaccines; and new biological entities, such as antibody-dependent oncolysis. Novel therapeutic targets, disease-related biomarkers, personalized medicine, and new approaches in regenerative medicine are an additional focus.
About Caixa Capital Risc
Caixa Capital Risc is an institutional investor specialized in innovative, early-stage Spanish companies with high growth potential, supporting them in its various stages of development. Caixa Capital Risc manages four investment funds with a total capital commitment of 73 million Euros. Caixa Capital BioMed, endowed with 22 million Euros, invests in early-stage biotechnology and medical technology companies and has a portfolio of 11 invested companies, among which are nLife Therapeutics, Sanifit Laboratories, Sabirmedical, Sagetis Biotech, Genmedica Therapeutics and Medlumics.
Axis is the oldest venture capital firm in Spain and is wholly owned by Instituto de Crédito Oficial. Since its creation in 1986, Axis has invested nearly 300 million Euros in the growth of approximately 140 companies and other venture capital funds. The fund Fond-ICOpyme, under Axis's management, is one of the most important growth funds in the Spanish market.
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