Integragen Completes €8 Million Financing to Progress Genetic Tests
News Nov 17, 2005
IntegraGen has announced the closing of its second financing round raising €8 million ($9.6 million), which brings the total capital raised by IntegraGen to date to €20 million ($24 million).
The international syndicate of investors comprising both existing and new investors participating included CDC Entreprises Innovation, AGF Private Equity, Bioam, SGAM Alternative Investments, and Baytech Venture Capital.
Commenting on the financing, Dr.Jan Mous, president and CEO said, "We are delighted that existing investors have continued their commitment to the Company and welcome the new investors."
"IntegraGen has made spectacular progress over the last few years and we are at an exciting time in the Company’s evolution as we move from a research-intensive phase into commercialization of our predictive genetic tests."
"Such tests will play a significant role in the personalized healthcare regimes of the future, contributing to improved health through lifestyle and disease management."
IntegraGen is focused on the development of diagnostic and prognostic genetic tests for a range of complex diseases using its technology platform for gene identification (Genome HIP™).
Since its creation in 2000 it has made discoveries in its focus areas of Diabetes, Obesity and Autism.
It has partnerships in other disease areas, including a deal with Aventis for the discovery of genes associated with schizophrenia.
Earlier this year, the Company opened its first Expert Centre, in Bonn, Germany where it conducts its MODY (Maturity Onset Diabetes of the Young) diabetes testing.
The investment will be used to further develop the Company’s genetic tests and to launch them into the market.
IntegraGen plans to bring its genetic test for autism to market in 2006 and anticipates launching a genetic test for late onset type 2 Diabetes in 2008.
The Company has several other proprietary tests under development, which will form the basis of its future pipeline of IntegraTests™.
Remi Droller, AGF Private Equity said, "IntegraGen is at the forefront of the development of genetic tests for common diseases to enable personalized medicine."
"It has a strong and experienced international management team working to address unmet clinical needs based on a very innovative technology platform."
"We are confident that the Company will be successful in creating significant markets for its new tests as they are commercialized."