Foresight et al. invest in Biofortuna

Ellie Pullen
20 August 2013

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A consortium of existing backers has injected ТЃ1.3m into Biofortuna, a UK-based molecular diagnostics company, to fund further growth.

The funding round saw all of Biofortuna's existing investors take part. The consortium comprises the Foresight Group, Enterprise Ventures, Catapult Venture Managers and the Merseyside Special Investment Fund (MSIF). Alongside Biofortuna's venture capital backers, the company's management and a number of private investors contributed to the round.

The fresh capital will be used by Biofortuna to finance the launch of its SSPGo range of products in the US. The company will also use the funding to further expand its analysis and manufacturing activities.

Previous funding
Biofortuna first received funding in June 2008. The company raised £450,000 in early-stage capital from the MSIF, according to unquote" data.

A second early-stage funding round then took place in May 2010, with £1.1m injected into the company by Catapult and Enterprise.

Catapult then took part in a third funding round for Biofortuna alongside Foresight, with the latter committing £1.25m to the £2.1m round.

Company
Founded in 2008, Biofortuna is headquartered in Wirral and currently employs 16 staff. The business recorded turnover of £205,550 for the 2011/12 financial year, as well as an operating loss of £1.15m, and £395,389 for 2012/13 with an operating loss of £1.3m.

The company produces freeze-dried polymerase chain reaction (PCR) diagnostic kits. PCR is a molecular biology technology that allows the cloning of a DNA sequence.

Biofortuna uses a freeze-drying method by way of cryo-preservatives to stabilise the reagents – a substance that causes a chemical reaction – that are required for PCR. Typical DNA tests are transported while frozen and so need to be thawed and mixed prior to an end user adding the DNA of a patient.

Biofortuna has developed a method that allows a recipient of its PCR diagnostics kit to simply add patient DNA upon receipt. The company claims this makes the process quicker and easier, eliminating the need for temperature-controlled shipping, as well as reducing costs and the risk of error.

People
Simon Douglas is the CEO of Biofortuna. Foresight investment director James Livingston sits on Biofortuna's board as a non-executive director.

Advisers
Equity - SGH Martineau (Legal).
Company - Hill Dickinson (Legal).