PathoQuest Secures 8 Million Euros in New Financing
PARIS--(BUSINESS WIRE)-- PathoQuest, a genomic expert company dedicated to the microbiology testing market and a leader in clinical diagnostics and biologics testing applications, today announces the closing of an 8M euros financing series. The funding includes a venture loan from Norgine Ventures, financing from historical investors Kurma Partners, Idinvest Partners and strategic partner, Charles River Labs and a new venture investor, investiere. The financing also includes 427K euros in non-dilutive funding from the French Public Program Investissement d’Avenir (PIA3) - concours Innovation i-Nov which is dedicated to bioproduction.
“We are excited to make this investment in PathoQuest since they represent an exciting healthcare company that delivers novel solutions addressing challenges faced by biopharmaceutical companies in their quest to deliver safer, better treatments to patients,” stated Chris Gay-Crosier, Head International Investments at investiere. “PathoQuest’s expertise has also enabled the company to broaden the application of next-generation sequencing (NGS) into clinical microbiology through the development of iDTECT™ Dx Blood, a promising new test designed to assist clinicians with their efforts to implement effective antimicrobial stewardship initiatives.”
“We are pleased to complete this financing round since it will permit the company to further establish our position as a leader in the application of NGS to microbiologic testing,” commented Jean-Francois Brepson, PathoQuest’s CEO. “This financing is a direct result of the company’s efforts to date, including the rapid expansion of our Biologics Genomic Services business and the advancement of efforts with iDTECT Blood in a clinical setting.”
International Technology and Life Sciences investment firm Fraser Finance (fraserfinance.com) acted as exclusive financial advisor to PathoQuest for this transaction. Willy Mathot Avocat (willymathot-avocat.com) acted as legal advisor to PathoQuest.
PathoQuest, a spin out of Institut Pasteur, is a life sciences company offering a game changing metagenomics approach to improving pathogen detection in biological samples. PathoQuest’s technology combines a Next-Generation Sequencing (NGS) platform and a proprietary sample preparation process which is applicable to several types of samples with a proprietary pathogen genome sequence database and automated analysis pipeline. The company’s solution provides microbiologists and clinicians with a comprehensive analysis covering all known clinically relevant human pathogens. PathoQuest has developed iDTECT™ Blood, the first and only CE IVD metagenomic test for clinical infectious disease diagnosis.
Based on the company’s technological platform, PathoQuest also offers biopharmaceutical companies a disruptive approach to secure production of biologics like vaccines, recombinant proteins, cell and gene therapies. PathoQuest’s Biological Genomic Services are currently being utilized by a growing number of major biopharma companies and clinical stage biotech companies. For more information visit www.pathoquest.com.
About Charles River
Charles River provides essential products and services to help pharmaceutical and biotechnology companies, government agencies and leading academic institutions around the globe accelerate their research and drug development efforts. Our dedicated employees are focused on providing clients with exactly what they need to improve and expedite the discovery, early-stage development and safe manufacture of new therapies for the patients who need them. To learn more about our unique portfolio and breadth of services, visit www.criver.com.
Idinvest Partners is a leading European mid-market private equity firm. With €8bn under management, the firm has developed several areas of expertise including innovative startup venture capital transactions; mid-market private debt, i.e. single-tranche, senior and subordinated debt; primary and secondary investment and private equity advisory services. Founded in 1997, Idinvest Partners used to belong to the Allianz Group until 2010, when it branched out as an independent firm. In January 2018, Idinvest Partners became a subsidiary of Eurazeo, a leading global investment company, with a diversified portfolio of €17bn in assets under management, including approximately €11bn from investment partners, invested in over 350 companies. www.idinvest.com
investiere is the leading European startup investment platform for qualified and institutional investors. Our investment professionals screen thousands of companies and present the best investment opportunities on our digital platform after a rigorous due diligence process. investiere focuses on European high-tech startups. The investiere community consists of more than 3'600 qualified private investors, family offices and pension funds. Furthermore, numerous Swiss corporates rely on investiere's VC expertise to screen, select and invest in promising startups (clients include Swiss Post, u-blox, a leading Swiss health insurer, as well as a publishing house). With CHF 30 million invested in 2018, investiere is Switzerland’s most active startup investor. Zürcher Kantonalbank, the third-largest bank in Switzerland, is a minority shareholder of investiere. To join our international and growing investor community, visit www.investiere.ch.
About Kurma Partners
Founded in July 2009, Kurma Partners is a key European player in the financing of innovation in healthcare and biotechnology, from pre-creation to growth capital, notably through Kurma Biofund I through III and Kurma Diagnostics, as well as via strategic partnerships with prestigious European research and medical institutions. www.kurmapartners.com
About Norgine Ventures
Norgine, a leading European specialist pharmaceutical company that has been bringing transformative medicines to patients for over a century, established Norgine Ventures as a complementary business in 2012. Norgine Ventures supports innovative healthcare companies through the provision of debt-like financing in Europe and the US. For more information, please visit www.norgineventures.com.
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