MVM invests $14m in MDxHealth

Katharine Hidalgo
28 April 2020

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MVM Partners has invested in molecular diagnostics company MDxHealth.

The equity investment will consist of a subscription of 20,162,924 new ordinary shares at an issue price of 63.2 euro cents per share. As a result, MVM will become a 22% shareholder of MDxHealth.

The firm is drawing equity from its MVM Fund V, which held a first close on £150m in November 2018.

The net proceeds will be used to support MDxHealth's growth strategy, and general corporate purposes.

At the time of publication, the company's shares were trading at 87 cents.

Previous funding
In February 2003, ING Belgium, Technowal, SIBL, Meusinvest and PolyTechnos Venture Fund provided €3.94m in seed-stage funding to OncoMethylome, as the company was then known.

In June 2003, Life Sciences Partners (LSP) via Life Sciences Partners II provided €660,000 and in September of that year, ING Belgium, Technowal, SIBL, Meusinvest, Life Sciences Partners, PolyTechnos and Pierre Hochuli provided €4.87m.

In June 2004, existing investors ING Belgium, Technowal, SIBL, Meusinvest, LSP and PolyTechnos provided a further €4.67m.

In October 2005, Edmond de Rothschild Investment Partners (EdRip) invested an undisclosed amount of growth capital.

In March 2006, ING Belgium, PolyTechnos Technowal, Meusinvest, LSP, EdRip, Sogé Innovation Evolution provided €5.99m. EdRip invested via BioDiscovery II and Innovation Discovery 3.

In December 2008, AGF Private Equity acquired a 6% stake, APG Investments acquired 2.4% and Fortis Investments Management acquired 1.7%.

In April 2011, Biovest and other private investors acquired a minority stake for $11.7m. Following the transaction, Biovest owned a 9% stake.

In June 2012, Biovest and other private investors, acquired a further minority stake for $10m.

In June 2013, Petercam led a €24m private investment in a public enterprise. ING Belgium, LSP, EdRip and other investors also invested.

Company
Established in 2003, MDxHealth develops and commercialises oncology-based molecular diagnostic testing for personalised medicine. Its tests are based on proprietary gene methylation technology and assist physicians with the diagnosis of cancer, prognosis of recurrence risk, and prediction of response to a specific therapy. Based in Liege, Belgium, the company generated revenues of €11.8m in 2019 and an operating loss of €43.2m.