Liverpool-based Biofortuna has now raised £4.5 million of growth capital following its most recent fundraising deal.
The company’s current crop of backers (Enterprise Ventures, Foresight Group, Catapult Venture Managers, Merseyside Special Investment Fund) are leading the deal alongside private investors and management.
Since its foundation in 2008, Biofortuna has developed a way of stabilising molecular diagnostic products using a freeze-dried technology. This is said to make testing quicker as well was reducing costs and manual errors.
£1.1 million it has raised as part of its third funding deal will go towards the US launch of its SSPGo HLA range of products. Biofortuna is currently offering its technology on a custom service basis to users who want to convert kits to a stabilised format.
Simon Douglas, who became CEO of Biofortuna when the company netted £1.25 million back in 2012, says that the new cash will allow the business 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,’ he adds.
Biofurtuna’s previous funding rounds saw it start with a £1.1 million effort in May 2010, involving Catapult Venture Managers and Enterprise Ventures. It then followed it up by raising £2.1 million in April 2012, when the Merseyside Special Investment Fund joined.
Julian Viggars, head if technology investment at Enterprise Ventures, comments, ‘Biofortuna’s technology helps increase laboratory productivity and improve quality in clinical testing and patient care.
‘This latest investment will help it meet growing demand and strengthen its presence in the US market.’