Danish biotech fledgling Biomonitor has raised a DKK 22m (USD 4.6m) investment from Sunstone Capital, a Nordic venture capital investor based in Copenhagen. Biomonitor specialises in developing diagnostic tests that can screen for antibodies in patients treated with biopharmaceuticals, a new generation of highly effective protein drugs which are often made from living cells, writes Erhvervsbladet.
A major problem of biopharmaceuticals is however a considerable bioavailability variation from patient to patient and that many patients develop antibodies that neutralise the drugs. There are currently around 200 biopharmaceutical drugs and 300 under development. According to Biomonitor antibody screening of patients being treated with biopharmaceuticals will have great importance for their treatment and associated healthcare costs.
Biomonitor MD Arsalan Kharazmi says: "Many of the patients suffer from serious diseases that destroy the organism. With antibody screening you can quickly shift a patient to another drug that actually works, thereby minimising the disease-inflicted damage to tissue and organs."
The fresh cash will be used for marketing and establishing sales offices abroad. "Our growth has been organic so far, so we have not had the strength to make any big move. With the current capital we can now venture into the international market, which is worth USD 800m with an annual growth of 16%," says Kharazmi.
Partner in Sunstone Capital, Søren Lemonius, comments on the investment: "Biomonitor has managed to peak with its antibody diagnostic technology at a time when authorities and doctors in the entire western world are seriously becoming aware of the problem. Biomonitor is also an international first-mover on the market. We believe the company can achieve a market share of 5% corresponding to a revenue of about DKK 35m (USD 7.4m) in 4-5 years."