Seroba Co-leads a €1.2 million New Investment in Biosensia.

Dublin, Ireland, 9 November 2011.  Biosensia, a point of care diagnostics company, has secured €1.2 million in new funding as part of the company’s plans to advance its regulatory and commercial strategy for its platform in Europe and the US.

The funding round was co-led by Seroba Bioventures and ACT Venture Capital and also included existing investors, Atlantic Bridge.

There is a significant unmet need for more convenient, accurate and affordable point of care solutions, and Biosensia is poised to become a major player in the development of next-generation, point of care diagnostic products.

The new funding will be used to secure CE mark and FDA regulatory approval for Biosensia’s products in Europe and the US and advance its commercial partnership strategy.  Biosensia is headquartered in NovaUCD, the Innovation and Technology Transfer Centre at University College Dublin.  The company currently employs 5 people and intends to increase staff numbers to 15 by 2013 as part of its commercialisation strategy.

Biosensia’s platform, RapiPlex, is a novel, user-friendly, cost effective, multiplexing point of care in vitro diagnostics platform.  It enables the transition of complex immunoassays from the central laboratory to the point of care across a wide variety of sample types.  RapiPlex has multiple point of care applications including medical, environmental, food safety and security.

RapiPlex can perform up to 12 separate analyses simultaneously on a single sample and provides test results in as little as 5 minutes.  The RapiPlex platform is also integrated with an optical reader which provides a numerical read-out, which does not require user interpretation.

Announcing the funding Diarmuid Flavin, CEO, Biosensia, said, “This is an exciting time in Biosensia. Our commercialisation plans and technology are progressing rapidly. With this financing, the company can further capitalise on its revolutionary RapiPlex technology.  We see a significant market demand across a range of diagnostic applications for our RapiPlex platform.”  He added, “We are delighted to have ACT Venture Capital as a new investor in Biosensia as well as the continued support of Seroba and Atlantic Bridge.  We have a great product and this investment will allow us to complete regulatory requirements in the US and Europe and seek partners to expand into new market opportunities.”

Alan O’Connell, Partner at Seroba said, “RapiPlex is an exciting platform with a broad range of diagnostic applications. We’re happy to continue to support the Biosensia team as the company advances its commercial strategy.”

9 November 2011

For further information please contact:
Vicky La Touche-Price, 15 Molesworth Street, Dublin 2
T: +353 (0)1-6334028

Note to Editors:
About Seroba Kernel Life Sciences.

Managed from its offices in Dublin, Seroba Kernel Life Sciences is a Venture Capital fund that invests in innovative European Life Science companies. Seroba Kernel invests in early-stage start-ups to more mature, development-stage bioscience and medical device companies, typically investing €5m – €7m over the life of each investment. Seroba Kernel is a five-partner team, spread over three locations (Dublin, Oxford and Cambridge). The principals in the firm have strong science credentials and have held senior management positions across the international life science, financial and venture capital industries in Europe and North America. We have about €200m in funds under management along with our partner firm, Kernel Capital, which focuses on technology and seed capital investments.

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