Quanterix Raises $18.5 Million, Inks Deal With bioMerieux, Inc.
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Quanterix has closed an $18.5 million Series C financing with participation from all existing investors, including ARCH Venture Partners, Bain Capital Ventures and Flagship Ventures, and joined by In-Q-Tel. bioMerieux has taken an initial $15 million equity stake in Quanterix.
Quanterix has invented an ultra-sensitive immunoassay technology, offering unprecedented assay performance with multiplex capability. Unlike the traditional analog-based methods of detecting proteins or biomarkers in a biological sample, Simoa is based on a digital approach that enables detection of a signal from single molecules of a labelled analyte, and is much more sensitive than conventional analog-based protein detection technologies.
bioMerieux will develop specialized tests for which high sensitivity and / or multiplex is required, with a particular focus on infectious diseases. The menu will include existing tests for which sensitivity needs to be improved and new biomarkers which are currently difficult or impossible to measure, opening up new applications. The Company's goal is to improve standard of care, by providing earlier detection of diseases and consequently enabling clinicians to make treatment decisions much more rapidly. Leveraging the high sensitivity of Quanterix's Simoa technology and the multiplex functionality, bioMerieux will create a unique offer of assays combining several clinically relevant tests, for improved patient care.
"This agreement marks an important milestone for our immunoassay franchise, strengthening our role as a specialized player with a ground-breaking technology that delivers significant medical value," said Jean-Luc Belingard, Chairman and Chief Executive Officer of bioMerieux. "We have great admiration for Quanterix's achievement in developing a technology with the sensitivity of molecular diagnostics at a more affordable cost. We are very pleased to make this breakthrough available to a broad number of laboratories."
"bioMerieux's partnership validates the incredible foundation the Quanterix team has developed and will make it possible for this remarkable technology to make a difference in the lives of patients," said Paul Chapman, President and Chief Executive Officer of Quanterix. "As one of the leading companies in the IVD space, we could not have found a better strategic partner to develop and commercialize Simoa in this critical market segment. This strategic alliance will provide us with the flexibility to leverage Simoa technology and apply it in other commercial opportunities of interest, whether that be in biomedical research, bioterrorism, blood banking, or point-of-care diagnostics."
Under the terms of the agreement Quanterix will receive upfront and milestone payments, as well as royalties on future sales. bioMerieux will take an additional equity stake, contingent upon milestone achievement. In connection with the equity stake, bioMerieux has the right to designate one director for election to the Quanterix board. No further financial details of the transaction were disclosed.
Advancing diagnostics to improve public health
A world leader in the field of in vitro diagnostics for over 45 years, bioMerieux is present in more than 150 countries through 40 subsidiaries and a large network of distributors. In 2011, revenues reached €1.427 billion with 87% of sales outside of France.
bioMerieux provides diagnostic solutions (reagents, instruments, software) which determine the source of disease and contamination to improve patient health and ensure consumer safety. Its products are used for diagnosing infectious diseases and providing high medical value results for cancer screening and monitoring and cardiovascular emergencies. They are also used for detecting microorganisms in agrifood, pharmaceutical and cosmetic products.
bioMerieux is listed on the NYSE Euronext Paris market (Symbol: BIM - ISIN:FR0010096479)
Corporate website: www.biomerieux.com. Investor website: www.biomerieux-finance.com.
Quanterix is a developer of ground-breaking tools in high definition diagnostics. Its Simoa platform uses single molecule measurements to access previously undetectable proteins. With this unprecedented sensitivity and full automation, Simoa offers significant benefits to both research and clinical testing applications. The company intends to commercialize the Simoa platform for life science research in mid-2013. Quanterix was established in 2007 and is located in Lexington, Massachusetts. For more information, please visit the Company's website at http://www.quanterix.com/.
Quanterix Media Relations
Benjamin Navon/Kathy Vigneault
Tel: +1 781 684-0770