Biofortuna

Biofortuna

Type: Growth Capital

Total Originally Invested: £1.25 million

Initial Investment: January 2012

Sector: Healthcare

Website: View Here

Overview

Biofortuna is a molecular diagnostics company specialising in the use of its proprietary freeze-dried expertise.

Click here to download a pdf case study.

Company Background

Founded in 2008, Biofortuna has developed a unique range of molecular diagnostic products using proprietary freeze-dried technology.

The Company's initial range of products was targeted at the transplantation market, matching the genetic type of organ recipients with donor organs. Biofortuna has partnered with the molecular diagnostics business of the global life sciences giant Abbott, who are already distributing Biofortuna's proprietary freeze-dried kits.

Foresight Investment

Foresight invested £1.25m as part of a £2.1m growth capital round, with the balance put up by existing investors, a mix of seed funds, private investors and management. This investment sees Foresight reunited with Biofortuna CEO, Simon Douglas, formerly CEO of DNA Research Innovations and Executive Chairman of Lab 901, both previous Foresight investee companies. DNA Research Innovations, a DNA purification business, was sold to Invitrogen for $65m in 2004..

Future Strategy

The new funds will enable the business to expand its manufacturing operations in line with sales growth, support applications for regulatory approvals, most notably in the US market, and broaden product range to address companion diagnostics, antibody screening and disease identification.

Having worked with Foresight before I understood their quick decision making process and pragmatic approach, which made for a smooth investment process – enabling us to focus on developing the business. I look forward to working with them, and alongside my colleagues and our partners, achieving the full potential of Biofortuna.

Simon Douglas, CEO