AdvanDx A/S (Denmark) - Oct 2007

unquote
01 October 2007

Tweet
Facebook
LinkedIn
Google plus
Send to

AdvanDx, the US- and Denmark-based provider of in vitro molecular diagnostic products, has raised $15m (€10.8m) in series-C funding round from new investor bioMérieux, a French diagnostic company, and existing investors LD Pensions, a Danish pension fund, and SLS Venture. The latest financing round will be used to accelerate commercialisation of the ompany’s product pipeline through its global sales and marketing operations, and to expand R&D activities. The funding follows the recent announcement of AdvanDx’s exclusive distribution partnership with bioMérieux for its PNA FISH™, rapid in vitro diagnostic products for positive blood cultures in the US. Together with the funding, the distribution partnership secures a significant cashflow stream for AdvanDx. SLS Venture has participated in two tranches of funding before this round – in 2003 and at the beginning of 2006. The investor decided to participate in a third round because the company has demonstrated strong growth and development since its inception. The new distribution agreement with bioMérieux also acts as an indicator that the company is developing in the right direction.

Company

AdvanDx develops and markets molecular-based in vitro diagnostic tests that aid in the diagnosis and prevention of infectious diseases. The designed test results are available in hours instead of days and allow healthcare providers to make more informed therapy decisions early and improve both the quality of patient care and overall hospital operations. The company is based in Vedbæk, Denmark, and Moburn, Massachusetts. The company was founded in 2002 and employs 25 people. It has recorded revenues of around SEK 10-20m with strong growth, and the company is close to being profitable.

People

Hans Andreasson, senior partner of SLS Venture, sits on the board of directors and was involved in the deal process. Herb Steward, executive vice-president of bioMérieux, was also involved in the transaction. Thais Johansen is the CEO of dvanDX.

Advisers

Equity - Bell, Boyd & Lloyd LLP, Bruce Zivian (Legal)

Sourced from: Nordic unquote" 68 (Dec 2007)