Spinomix Announces a Milestone Payment from Debiopharm
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Spinomix SA and Debiopharm Group™ have announced the successful achievement of a second development milestone on Spinomix’ two proprietary technologies, namely MagPhase™ and FibroTrap™.
In conjunction with the terms of the investment agreement, Spinomix is to receive an undisclosed second tranche payment from Debiopharm.
In January 2013, Spinomix closed its series A $ 3 million equity investment in a round led by Debiopharm. Since then, Spinomix has built a series of MagPhase™ pilot instruments for field-testing for purification of nucleic acids.
Four instruments were installed with academic and industry partners to initiate the field testing program. MagPhase™ is an automated sample preparation platform based on magnetic nanoparticles and microfluidic disposable cartridges offering cost-efficient and high quality DNA extraction.
Spinomix also successfully demonstrated the FibroTrap™ tube prototype assay in key applications laid out in the development plan. FibroTrap™ is a fibrinogen-based technology, enabling highly specific and sensitive isolation of targeted cells and molecules in clinical samples directly in routine collection tubes, thus simplifying enormously the workflow.
“This second milestone is an important achievement and marks the successful completion of a key step towards the establishment of new standards of improved workflow for diagnostic testing” said Heiner Dreisman, Chairman of the board of directors of Spinomix. “We are also very happy on the same occasion to announce that we have secured Nasri Nahas as our new CEO. Nasri’s broad experience of biotech startups management and business development makes him an ideal candidate to lead the next stage of Spinomix’ development.”
Nasri Nahas brings 20 years of experience in the biotech start-ups industry, from both the research and business perspectives. Over the course of his 12 years tenure as the CEO of Geneva Bioinformatics (GeneBio) SA, he lead GeneBio’s operations and successfully built an exceptional and highly motivated team of industry experts who grew the company from a start-up-like setting to an experienced, well-established and renowned organization. As CEO he personally oversaw the business development activities and expanded the company’s strategic network to encompass a wide palette of major industry players.
“Spinomix enjoys two amazing technologies in the growing diagnostics market and benefits from a unique team of industry experts backed by the instrumental support of our partnership with Debiopharm” said Nasri Nahas. “This makes Spinomix rightly suited to face the challenges that are ahead of us. I am very proud and thrilled to lead our next stages”.
“Our partnership with Spinomix has been very productive and the advancement of their diagnostic tools is a witness to their determination and professionalism. We are confident that the company will rapidly further develop these diagnostic sample treatment products for the delivery of faster, lower cost and more accurate results” added Thierry Mauvernay, Delegate of the Board of Debiopharm Group. “I am very pleased about Nasri Nahas joining the Spinomix’ team. He has significant experience in strategic management and we feel he is highly qualified to lead the company through the next stages of its development strategy”.