Press release: AdvanDx Secures USD 5 Million in a Series B Equity Financing
WOBURN, MA, USA – November 24, 2003 – AdvanDx, Inc. today announced
that it has raised USD 5 million in a Series B equity financing from
Scandinavian Life Science Venture and LD Pensions.
“We are very pleased to have SLS Venture, a top tier Scandinavian
venture capital company and LD Pensions, join our existing team of
experienced investors including Radiometer A/S and a group of business
angels. This cash infusion will enable AdvanDx to accelerate the
development and sales of in vitro diagnostic kits for diagnosis and
prevention of infectious diseases. Furthermore, SLS Venture and LD
Pensions will provide AdvanDx with a gateway to the Medicon Valley biotech
community. Over the next six months we plan to establish our Danish
subsidiary which will focus on specific R&D programs and initially
serve as the base for the company’s European sales and marketing
organization” said Thais T. Johansen, President and CEO of
AdvanDx.
Rapid diagnostics tests can reduce unnecessary use of
antibiotics.
Hospital-acquired infections are associated with high mortality and
morbidity and are responsible for significant costs to healthcare systems.
In the US alone, two million patients acquire an infection during
hospitalization (5 per 100 admissions) every year. These preventable
infections, of which 70% are today caused by drug resistant bacteria,
result in close to 100,000 deaths and cost the US healthcare system more
than USD 4.5 billion annually. A similar trend is seen in Europe and Japan
making hospital-acquired infections one of the most serious ‘diseases’
in the industrialized part of the world. It is well recognized that
appropriate use of antibiotics is key to effective infection control,
however, changing the empiric nature of antibiotic therapy where patients
are covered with broad-spectrum antibiotics requires new rapid and
definitive diagnostic tools to provide physicians with reliable and timely
information for proper patient management.
“Our products provide the solution to an unmet diagnostic need in the
form of in vitro diagnostic kits designed to fit the workflow of routine
clinical microbiology laboratories” said Dr. Henrik Stender, Vice
President of Research and Development, AdvanDx.
“We are very excited about the prospects for AdvanDx. Antibiotic
resistant pathogens are an increasing cause of concern and it’s
generally known that widespread use of antibiotics is one of the main
contributors. AdvanDx’s PNA FISH product line is a unique tool for rapid
and accurate diagnosis of infectious diseases, such as bloodstream
infections, with real time impact on patient therapy” commented Hans
Andreasson, Senior Partner, SLS Venture.
Hans-Jørgen Madsen, Head of Department, LD Pensions, added “We find
the investment exciting because this experienced Danish management team
combines technical expertise with an understanding of current and future
market needs and have identified unique market opportunities that bridge
Danish biotechnology with the American healthcare sector.”
About AdvanDx
AdvanDx, Inc., headquartered at the 128 technology highway around
Boston, is a provider of in vitro diagnostic kits for the diagnosis and
prevention of infectious diseases based on its PNA FISH technology. The
PNA FISH product line provides important information for patient therapy
and management potentially leading to more appropriate use of antibiotics.
For more information please visit www.advandx.com.
About Scandinavian Life Science Venture
SLS Venture, A Scandinavian-based venture capital company, is the
result of the merger of the life sciences teams from the Sixth Swedish
National Pension Fund, Medical Valley Capital and Innoventus. The fund is
one of the largest in Scandinavia investing in the life sciences sector
with approximately 250 million Euro under management. SLS Venture has
invested in 26 companies. For more information please visit www.slsventure.com.
About LD Pensions
LD Pensions is one of Denmark’s largest pension funds with more than
USD 8 billion under management. LD Pensions has a long-term and highly
selective investment strategy. Investments made in unlisted companies are
based on a fundamental analysis of the opportunity with an objective to
hold the investment for a minimum of 3-5 years in order to position the
company for a strategic sale or stock exchange listing. It is important
for LD Pensions to demonstrate a high discipline of active ownership with
respect corporate governance, information policy and ability to meet the
requirements and expectations from the surrounding society in terms of
responsible environmental management and social responsibility. For more
information please visit www.ld.dk
|
