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Protagen Raises € 10.0 Million for Diagnostic Developments

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Protagen AG, a specialist for in-vitro diagnostics and GMP-compliant protein analysis announced a second round of finance totalling a volume of € 10.0 Million.

After closing a first round of € 3.7 Million in August 2009, the NRW.BANK, Dusseldorf, participated as new investor and joined the consortium of MIG Fonds, Munich, S-Capital Dortmund, S-Venture Capital Dortmund and KfW, Bonn, to finalize the actual round. Also the existing investors contributed to the second closing.

The capital will be used for the targeted expansion of the business unit Diagnostics and the clinical validation of proprietary diagnostic marker proteins. Protagen will concentrate its efforts on the development of serum based molecular diagnostics for the early detection of Multiple Sclerosis and the differential diagnosis of Prostate Cancer.

In addition, the UNIarray® technology platform will be applied in other attractive indications for the development of serum based molecular diagnostics.

“This new financing round will allow us the completion of our current development programs until market launch and to evolve to a preferred partner for out-licensing opportunities within the diagnostic industry”, states Dr. Stefan Mullner, CEO, Protagen AG.

“Within the last years, Protagen achieved an international leading position in the field of novel serum based molecular diagnostics. In its second business unit Protein Services, Protagen belongs to the worldwide leading companies. Therefore, NRW.BANK is excited to accompany the successful way of Dortmund’s first biotech company“, explains Dr. Aristotelis Nastos, Senior Investment Manager at NRW.BANK and new Member of the Supervisory Board of Protagen.