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Diagnostics Developer Secures $100M Series C Financing

Currency dice (MD4 Group/Flickr)Biocartis, a diagnostic systems company in Lausanne, Switzerland says it completed raising €71 million (US$100 million) in series C equity funds, led by the company’s senior management and  backed by current and new investors, as well as industrial collaborators. Series C financing is the third round of equity funding after start-up.

Biocartis develops compact molecular and genomic diagnostic systems, considered key to the adoption of personalized medicine. The company expects to launch its first system — code named Apollo — in 2013, which it says has been modeled after consumer electronics designed for everyday use by a broad range of customers in a wide range of settings.

The company says Apollo will be able to deliver results as accurate as those generated in a specialized clinical lab in as little as one hour from sample preparation to read out. It is expected to detect and quantify multiple DNA- or RNA-based biomarkers in a variety of patient sample types. The technology has also been designed for integration with health care IT systems.

The Apollo system, says Biocartis, has been developed in collaboration with Philips Corporate Technologies. Other collaborators include diagnostics company bioMerieux and Janssen Pharmaceuticals, a division of Johnson & Johnson.

Leading the investment round are Biocartis senior management including Rudi Pauwels, the company’s founder and CEO, as well as Peter Verhaeghe, managing partner of the Brussels law firm VVGB. Investors include Philips, Johnson & Johnson Development Corporation, and the Wellcome Trust, among others.

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Photo: MD4 Group/Flickr

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