Danish biotech company ViroGates, headquartered in Lyngby in the northern suburbs of Copenhagen, has announced the closure of a private financing round in which current shareholders and four new business angels have put in a total of DKK 14.5 m (USD 2.7 m) to expand the company's operations. At the same time one of the first investors in ViroGates – DTU Innovation/SEED Capital – has made a successful exit after what it describes as a "very satisfactory investment".
ViroGates CEO Ian Laquian commented: ”Innovation funding is an integral and valuable tool for Danish entrepreneurs. ViroGates greatly appreciated the helpful and timely investment in the initial phase of the company’s life, and we are pleased that DTU Innovation/SEED Capital was able to experience a successful exit.”
The company development product is called the suPARnostic ELISA* kit, an inexpensive blood test which shows how close an HIV patient is to developing AIDS and so can be used to assess when medical treatment should be initiated. The test can be carried out in the field and gives immediate results in the form of a colour reaction, whereas other tests require laboratory facilities and patients being close to hospitals.
Although ViroGates has until now focused its marketing intentions on third world countries, it appears that horizons might be broadening in the light of recent studies. Jesper Eugen-Olsen, CSO and founder of ViroGates said: "Until recently, we had been focused mainly on resource poor settings; however our new findings combined with this new capital provide us with the opportunity to expand our operations in more industrialized markets such as Europe and the US."
The news was reported by financial daily newspaper Børsen and in a press release on ViroGates' website.
*Enzyme-Linked ImmunoSorbent Assay, a biochemical technique used to detect an antibody or antigen in a sample – Ed.