Cambridge crowdfunder taps investors into £5.2m molecular diagnostics play
Cambridge UK online investment platform SyndicateRoom is giving its members the opportunity to take part in a £5.2 million Series B funding round by Irish medtech business Hibergene Diagnostics, alongside its lead investor.
Hibergene, based in Dublin, specialises in the urgent diagnostics of potentially fatal infectious diseases and is acquiring funds for global expansion and further product development.
It is the largest round SyndicateRoom has given its members the opportunity to invest in so far. It also represents a shift into later stage for SyndicateRoom’s private markets business, being its first Series B.
Hibergene focuses on molecular diagnostics, an innovative way of diagnosing disease, detecting DNA sequences to provide accurate and reliable clinical information.
The industry is bringing significant benefits to the health service and is set to grow, with Grand View Research reporting that the global market for molecular diagnostics was estimated to $6.45 billion with compound annual growth of around 12 per cent.
However, the approach is far from being adopted by all hospitals, which means that many are misdiagnosing through traditional methods.
Besides potential danger to patients, this approach is costly in terms of financial impact. Hibergene currently develops, manufactures and markets what it calls “highly accurate molecular diagnostics kits” for three potentially fatal infectious diseases: Meningococcus, Group B Streptococcus and Clostdrium difficile.
With the capital raised during this round, Hibergene plans to launch testing kits for new diseases mycoplasma pneumonia, influenza and respiratory syncytial virus. The company also will expand its distribution network to include India, Philippines, Thailand, Indonesia, and North, Central and South America.
Gonçalo de Vasconcelos, CEO and co-founder of SyndicateRoom said: “SyndicateRoom has quickly become the go-to platform for exciting, high-growth life science companies looking for sophisticated investors.
“Hibergene is the latest example of such companies raising funds on SyndicateRoom as we move into later stages such as Hibergene’s Series B £5.2m funding round.
“SyndicateRoom celebrated a portfolio company exit just two months ago when Oval Medical Technologies was acquired by SMC Ltd, making us incredibly proud of the greater impact that our members are having by investing in the growing medical technology sector.”
A number of angel investors are involved as well as institutional investors Cantor Fitzgerald. Dr Declan Tiernan is lead investor for the round and as an active private investor has made more than 19 venture/startup investments. He’s worked in the financial services industry for 19 years, having held positions at Oak Hill Advisors, UBS Investment Bank, Deutsche Bank and HSBC.
The round is due to close later this month.