27 August 2013
Biofortuna raises £1.3m of investment for growth in its freeze-dried molecular diagnostics business and service provision
Portfolio company Biofortuna, a UK based molecular diagnostics company with a proprietary stabilisation technology for molecular reagents, is expanding its custom service and manufacturing business with a £1.3m investment. The new funds will enable the business to expand its freeze drying (lyophilization) analysis and manufacturing capability to support both its custom service clients and the USA launch of its SSPGo HLA range of products through Abbott Molecular.
The funding was supported by all the Company’s current investors; the Foresight Group (UK), EV Group, Catapult Venture Managers, Merseyside Special Investment Fund, private investors and management.
Biofortuna has developed a unique method to stabilise molecular diagnostic products using proprietary freeze-dried (lyophilized) technology. Current tests are stored and transported frozen and are required to be carefully thawed and mixed prior to the addition of patient DNA. Biofortuna’s unique stabilization approach means that all reagents are premixed and freeze dried so that the end user is only required to add the patients DNA sample which makes the test simple, quick and easy whilst reducing cost and manual errors. Additionally the kits can be stored and transported at ambient temperature, eliminating the need for fridges, freezers and temperature controlled shipping.
The Company is offering its technology, together with their design, development and manufacturing capability, on a custom service basis to clients who want to convert kits to a stabilised format and are working with a wide range of Companies to give them an extra competitive edge in the market place. Biofortuna also has its own range of stabilised products, SSPGoTM, for the transplantation, disease ID and PGx market and has partnered with Abbott Molecular as a global exclusive distributor for these kits.
Dr Simon Douglas, CEO of Biofortuna added: “This investment will enable Biofortuna to grow its freeze dried development and manufacturing capacity. With an increasing number of Companies coming to us to stabilise their products we need to expand our freeze drying capability to complement our already established diagnostic development expertise. I am delighted that Biofortuna has received continued support from its current investors who share the enthusiasm and vision of the management team”.