Biocartis Completes €71M Series C Equity Funding
Biocartis, a Lausanne, Switzerland-based company developing and commercializing compact molecular diagnostic (MDx) systems, completed a €71m (US$100m) Series C equity funding.
Backers include Debiopharm Group, Philips, Johnson & Johnson Development Corporation (JJDC), the Wellcome Trust, Korys (investment holding of the Colruyt family), Valiance, Biovest, the family office of Dr Paul Janssen, IHL SA (Luc Verelst), PMV, New Rhein Healthcare, certain members of the Biocartis senior management team and the family office of founder and CEP Rudi Pauwels (Benaruca).
The company intends to use the funds to commercialize its first product and other diagnostic applications.
Founded in 2007, Biocartis will launch its first system, Apollo, in 2013, which has been established in close collaboration with Philips Corporate Technologies to enable personalized medicine and individual diagnoses. Apollo is a compact system that allows multiple assays to be performed anywhere, rapidly and without the need for a specialist laboratory environment and trained technicians.
Following the fundraising, the company’s Board will be enlarged and current members, Rudi Pauwels (Benaruca), Rudi Mariën (Biovest), Domenico (Dinko) Valerio (Aescap), Pietro Scalfaro (Debiopharm), Greg Parekh (New Rhein), Jean Deleforge (bioMerieux) will be joined by new Board members, Vincent Vliebergh (Korys), Alex Dittmair (Valiance), Christine Deuschel(Debiopharm) and Staf Van Reet (J&J).
Ruth Devenyns (KBC Private Equity) and Shahzad Malik(Advent Venture Partners) will stand down.
Biocartis also has a fully owned Belgian subsidiary inMechelen and a Dutch subsidiary at the High Tech Campus in Eindhoven.