CMC Contrast AB (Sweden) - Jan 2008

unquote
01 January 2008

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Sunstone Capital has invested SKr 40m in CMC Contrast, a medical imaging company, together with existing investors Øresund-Healthcare Capital and Malmöhus Invest. The proceeds from the financial injection will be used to initiate and complete a phase III study and file for regulatory approval of the company’s product, CMC 001, which is a magnetic resonance imaging (MRI) contrast medium for enhancement of the liver, bile ducts and gastrointestinal tract. Sunstone became familiar with the company through the two previous investors. Sunstone was attracted to the deal because of the need in the market for better quality of abdominal images that can increase the chances of discovering cancer. The CMC 001 has also showed very good results during clinical trials, which also acted as an incentive to secure funding.

Company

The company was founded in 2000 based on an invention made by professor Henrik S Thomsen from the University of Copenhagen. The company has developed a drinkable fluid, with little toxicity, acting as an MR contrast medium for abdominal imaging. It is headquartered in Lund and also has an office in Stockholm. Currently it has two employees, but is looking to recruit more professionals when the business expands.

People

Magnus Corfitzen, investment director, of Sunstone Capital will join the board of directors. Niels Mengel managing director of Øresund-Healthcare Capital and Håkan Nelson, managing director of Malmöhus Invest also hold seats on the board. Thomas Grönberg is acting VD and Lars Vedin is senior adviser to the company.

Sourced from: Nordic unquote" 70 (Feb 2008)