Venture funds throw cash lifeline to Danish biotech firm  

2007.01.25
Incuba Venture and Vecata have put DKK 6 m into biotech firm Quantibact to enable it to continue development of its microbial diagnosis technology
The Danish venture funds Incuba Venture and Vecata have thrown a DKK 6 m (USD 1 m) lifeline to the biotech firm Quantibact, to enable it to continue development of its microbial diagnosis technology. Since 2002 when it was founded, Quantibact has lost DKK 3 m (USD 510,000) and is in acute need of more cash. However the founder of the company is confident that with the new investment, the company's technology can be matured and sold.
 
A spokesperson for Incuba Venture says that it is a realistic aim to sell Quantibact's technology within the next 3 years to an international player specialising in medical diagnostics. The system being developed by Quantibact is able to tell – within hours – from a blood or urine sample whether or not a patient has an infection. Treatment can thus  be rapidly initiated, potentially saving lives. Conversely, the system can indicate if treatment is unnecessary, thereby saving money and resources. Quantibact can also be used for microbial analyses of drinking water.
 
The fresh cash injection gives both Incuba Venture and Vecata a 30% share of the ownership of Quantibact. Incuba Venture is now under a new umbrella company, the Aarhus based Inventure Capital, which is a management company for 3 Danish venture funds and a new fund which is expected to raise at least DKK 500 m (USD 85 m) by autumn this year. The news was reported by financial daily newspaper Børsen.

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