Magnisense has announced that it has successfully completed a funding round that raised €5.5 million to prepare for its European products launch.
Magnisense increases its share capital
New shareholders have bought stakes worth a total of €4.5 million, with the bulk of the investment coming from Minv. Magnisense's long-term shareholders - primarily Provestis and Concorde Capital - have also taken part in the fundraising campaign.
Magnisense brings in new members to its Board of Directors
The Board of Directors has also bolstered its expertise in the healthcare industry by appointing three new members: Robert Taub, a well-known entrepreneur in biotechnology and representative of Minv, Jean-Pierre Dubuc, a seasoned executive from the pharmaceutical industry, and Lyse Santoro, CEO of Magnisense. These experts join the existing Board members, Jean-Patrick Voisin, Chairman of Magnisense and representative of Concorde Capital, Daniel Bernard, an experienced investor and entrepreneur and representative of Provestis, and Petr Nikitin, inventor of the technology.
Magnisense, emergency diagnosis of cardiovascular diseases
This capital increase provides Magnisense with additional resources and expertise to prepare for its European products launch. Magnisense develops robust, portable and economical quantitative blood tests used to diagnose myocardial infarction in 15 minutes. Following current care procedures at the hospital, this can take several hours.
Magnisense's tests will save lives, improve therapeutic care for people having a myocardial infarction and reduce long-term hospital stays, lasting damage and the need for lifelong assisted care. This technology will also lower direct and indirect public health costs associated with these diseases. The tests offer a solution adapted to meet a real need and to overcome the major public health challenges involved.
Lyse Santoro, CEO of Magnisense, said, "We are delighted to welcome Robert Taub and Jean-Pierre Dubuc to the Board of Directors of Magnisense. Their experience in the healthcare industry and their commitment give us a key advantage for the launch of our products in Europe. By joining Magnisense, they have acknowledged the quality of our teams, the validity of our strategy, the potential of our technology and its capacity to meet genuine market needs," she stated. "Today Magnisense has the resources to achieve its goal of becoming an innovator in the emergency diagnosis of cardiovascular diseases. We are ramping up our operations to register, industrialize and prepare our products for the market while strengthening our partnerships with hospitals."