Vivacta, a UK-based developer of a point-of-care immunoassay system, has raised $12 million in Series B funding. AGF Private Equity and HBM BioVentures co-led the round, and were joined by return backers Spark Ventures and Viking. Get more info.
Vivacta announced today that it had raised $12 million from a successful Series B financing round. This will be used to drive forward the commercialisation and launch of its first, highly sensitive Point of Care (PoC) immunoassay system, based on its patented piezofilm sensor technology.
Commenting on the deal, Neil Butler, CEO, said, “We were pleased to have the deal co-led by two very strong European Venture Capital firms, AGF Private Equity and HBM BioVentures. Our existing investors, Spark Ventures and Viking, both chose to follow on which is a very strong endorsement of Vivacta's technology platform and our approach to its commercialisation”.
AGF Private Equity and HBM BioVentures will be further strengthening the Vivacta Board through the appointment of two well-known diagnostic industry leaders – Gerry Moeller and Gerard Vaillant. Gerry was previously Chief Executive of the Boehringer Mannheim group and after its acquisition joined the management board of Roche. Gerard Vaillant chaired the diagnostics division of J&J, and acted as CEO and President of Ortho Clinical and Lifescan. Neil Butler believes that, “With our existing Chairman, Rolf Classon, and Director, Werner Schaefer, these new appointments give us a Board with more combined industry know how than probably any other privately held diagnostics company.”
Vivacta is currently finalising the reader and cartridge for its rapid, highly sensitive, piezo film-based immunoassay system. It intends to begin clinical evaluation of its first PoC application, TSH, in 2008. In-line with its commercialisation plans, Vivacta is in the process of doubling the size of its facility in the Kent Science Park. This will allow the company to add a pilot manufacturing line for its disposable cartridge.
Vivacta is already in discussion with a number of potential licensees that are interested in the opportunity to commercially exploit its unique piezofilm technology.
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