Biofortuna secures £1.1 million

Early stage investment firms EV and Catapult Venture Managers have backed Liverpool-based molecular diagnostics company Biofortuna.

UK-based EV, investing from the £30 million EV Tech fund, and its co-investor Catapult have provided a £1.1 million package to Biofortuna to launch its first diagnostic genotyping products.

Founded in 2008, Liverpool-based Biofortuna produces molecular screening tests used to minimize the chances of organ rejection in transplant patients. It claims its new genotyping tests are faster and more accurate than previous tests, as well as easier to use and transport.

Under the deal the Biofortuna management team will be joined by David Whitcombe, who was part of the founding team of DXS, a North West-based molecular diagnostics company which sold for £80 million to Qiagen in 2009.

Biofortuna CEO, Mike Bunce, welcomed the investment: ‘It will help us to strengthen our team and expand our research and manufacturing capabilities as we look forward to launching more products throughout 2010 and beyond.’

Julian Viggars, EV’s head of technology, says: ‘Biofortuna is a business we have tracked for a number of months now. I believe it is very well placed to benefit from the progression in thinking around how innovative, easy to use genotyping products will increasingly be used in the management of organ transplant processes, to identify potential adverse drug reactions or check the efficacy of expensive drugs across pharmacogenomics.’

Biofortuna was advised by law firm Halliwells, and EV and Catapult were represented by Eversheds.

Nick Britton

Nick Britton

Nick was the Managing Editor for when it was owned by Vitesse Media, before moving on to become Head of Investment Group and Editor at What Investment and thence to Head of Intermediary...

Related Topics

Early Stage Funding