Foresight leads £1.3 million funding for UK based molecular diagnostics company Biofortuna Limited

Foresight Group (Foresight) is delighted to announce on behalf of the Boards of Foresight VCT plc, Foresight 3 VCT plc and Foresight 4 VCT plc, that Foresight has led a funding round of over £1.3 million for Biofortuna Ltd. the UK based specialist molecular diagnostics company, providing £600,000 from its family of VCTs.

The new funds will enable the business to support the launch of its SSPGo products into the important US market through Abbott Molecular, the global distribution partner for SSPGo, to expand its freeze drying (lyophilization) analysis and manufacturing capability to support its custom service clients, to continue to improve the manufacturing facility and to broaden the management team further.

Alongside Foresight, the funding was supported by existing shareholders in Biofortuna including Enterprise Ventures, Catapult Venture Managers, Merseyside Special Investment Fund as well as private investors and management.

James Livingston, Director at Foresight Group, said: “Biofortuna is an exciting, growth business with unique technology offering in an attractive sector and we have been delighted to make this additional investment alongside others to enable the company to expand its capacity, develop its US business and to fulfil its growth plans”.

Dr Simon Douglas, CEO of Biofortuna added “This investment will enable Biofortuna to grow its freeze dried development and manufacturing capacity.  With an increasing number of Companies coming to us to stabilise their products, we need to expand our freeze drying capability to complement our already established diagnostic development expertise.  I am delighted that we have received continued support from our investors who share the enthusiasm and vision of our management team.”

Since Foresight completed its initial investment in Biofortuna in March 2012, revenues have doubled and production capacity at the Merseyside facility has expanded more than 100%.

ENDS
 
For more information, please contact
Foresight Group:
Ben Thompson, Marketing Director bthompson@foresightgroup.eu  +44 (0)20 3667 8155
Biofortuna Ltd:
Dr Simon Douglas, CEO simon.douglas@biofortuna.com

Notes to Editors
About Foresight Group
Foresight is an independent specialist private equity, environmental and infrastructure investor, which focuses primarily on investments in unquoted UK and European companies or projects and offers investors exclusive access to attractive income and growth opportunities.
Foresight has in excess of £800 million assets under management across a number of funds, including Limited Partnerships, Enterprise Investment Schemes (EIS) and Venture Capital Trusts (VCTs).
Foresight’s Private Equity team, comprised of ten investment professionals, invests between £1m and £5m in management buy-outs, management buy-ins and growth capital investments in UK SMEs.
www.foresightgroup.eu 
About Biofortuna Ltd
Biofortuna Ltd, a UK-based company, specialises in the development and manufacture of proprietary freeze-dried stabilised molecular diagnostics.   The Company offers this technology on a custom service basis to global clients from the clinical, veterinary, food and research sectors.  Additionally Biofortuna has a number of freeze-dried molecular diagnostic products targeted at the transplantation market and is looking to develop other easy-to-use diagnostic tests that will increase laboratory productivity and improve quality in clinical testing and patient care.
www.biofortuna.com