8/11/10
Hampshire based medical technology company Sirigen Group Ltd has completed two financing rounds totalling £3.83 million. These rounds were led by a syndicate of new investors comprising IQ Capital, NESTA (National Endowment for Science, Technology and the Arts) and YFM Private Equity alongside existing investors, Seraphim Capital and Oxford Capital Partners.
The financing will be used to commercialise Sirigen’s unique High Sensitivity Fluorescence™ (“HSF™”) technology, designed to significantly boost the performance of in vitro diagnostic tools. Sirigen’s HSF™ technology provides the basis for improved analysis and management of diseases including HIV and leukaemia and is expected to improve clinical outcomes for many patients as a result. Sirigen’s technology also has a key role to play in clinical research and will assist workers who strive to understand the basis of diseases such as cancer in order to provide insight into new treatment options.
Alongside the appointment of two new Investor Directors, Ivan Griffin of NESTA and Max Bautin of IQ Capital, Sirigen is also pleased to announce the appointment of David Evans as Chairman of the Board of Directors, and Arthur Cole as Non-Executive Director.
David is former CFO of Shield Diagnostics, and holds Chairman and Non-Executive Director positions for a number of highly successful diagnostic and Life Sciences companies including Epistem Holdings plc, Immunodiagnostic Systems Holdings plc and EKF Diagnostics Holdings plc. David was also Chairman of DxS, a privately owned molecular diagnostics company, which was recently sold to Qiagen.
Arthur Cole is a senior executive and brings to Sirigen over 25 years international experience in Biotechnology and Diagnostic markets. Previously Arthur was Executive Vice President for Visible Genetics and Vice President New Business Development for Pharmacia Biotech.
David Evans said on his appointment, “I am delighted to be joining the Board of Sirigen. In addition to its outstanding technology and chemistry, I am particularly excited to be joining the company at such a transformational point in its commercial development.”
Nick Kerton, CEO of Sirigen, commented “I take great pleasure in welcoming Max Bautin, Ivan Griffin, Arthur Cole and David Evans to the board. As we move into the next phase of our commercial development, I believe that it is a strong endorsement of our technology and business model that we are able to attract such high calibre executives. The collective experience of these individuals will be invaluable in building Sirigen’s business and significantly enhancing shareholder value.”
Sirigen was advised by Matrix Corporate Capital LLP.
- Ends -
Sirigen Group Ltd
Nick Kerton - Tel: +44 (0) 203 176 0444
Matrix Corporate Capital LLP
Stephen Waterman - Tel: +44 (0) 203 206 7329
About Sirigen Ltd
Base on Nobel prize winning chemistry, Sirigen’s versatile and HSF™ technology simplifies sample processing and instrumentation requirements in both immunodiagnostic and nucleic acid based applications, and facilitates high volume screening in theradiagnostics and other personal care applications.
Sirigen’s platform agnostic, enabling technology represents a quantum leap in detection capabilities, amplifying the sensitivity of a wide range of existing instrumentation and detection platforms by up to 100 fold. Sirigen’s technology is applicable to a diverse cross section of the biomedical industry including the $6billion drug discovery industry which can use Sirigen to test the efficacy of new drugs, the $12billion life sciences industry which can use Sirigen to develop new detection platforms, and the $35billion diagnostics industry, which can work with Sirigen to optimise existing diagnostic techniques and to develop the next generation of diagnostic tools.
Fluorescent detection is the method of choice for numerous Diagnostic and Research applications. Reagents are stable, the method is familiar and operators are used to performing fluorescent assays and there is a large existing base of suitable installed hardware in routine use. Fluorescence offers potentially the simplest route to multiplex analysis.
However, for numerous applications conventional fluorescent reagents limit assay sensitivity or impose the requirement for complex and expensive instrumentation to deliver the required performance. Generally the performance of fluorescent detection is limited by the performance of the reporter dyes used, most especially their ability to absorb excitation light. HSF™ Polymers address this shortfall specifically and are designed for maximal absorption of exciting light and conversion to fluorescent signal.
Typically HSF™ technology increases assay signal 1-2 orders of magnitude without increasing background. This gives a meaningful and transformative improvement in signal to noise ratio providing lower limits of detection, improved reproducibility and reduced assay “greyzones”.
HSF™ polymers are available in a variety of colours and formats all of which deliver the advantages of polymeric reporters making them the reagents of choice for multiplexing.
About IQ Capital
IQ Capital Partners is a dynamic venture capital team based in Cambridge that invests in companies exploiting smart ‘IQ’-intense technologies.
IQ Capital can invest from 100k to £3 million in UK-focused, rapidly developing businesses.
IQ Capital invests alongside successful entrepreneurs and renowned sector experts who commit their exceptional experience, time and money to the investee companies alongside the Fund, to create exceptional and sustained growth for investee companies.
About NESTA
NESTA is the UK’s foremost independent expert on how innovation can solve some of the country’s major economic and social challenges. Its work is enabled by an endowment, funded by the National Lottery, and it continues to operate at no cost to the taxpayer.
NESTA is a world leader in its field and carries out its work through a blend of experimental programmes, analytical research and investment in early-stage companies.
About YFM Private Equity
YFM Private Equity Limited is authorised and regulated by the Financial Services Authority and is part of the YFM Group.
YFM Group, the UK fund manager specialising in small businesses, invests up to £8 million equity in rapidly growing businesses through a range of funds for both institutional and retail clients. Its investment team of 30 people across six regional offices, is dedicated to working alongside management team to create transformational growth.
For further information visit www.yfm.co.uk
YFM Group is part of the GLE Group of Companies.
About Seraphim Capital
Seraphim is a £30 million UK-based venture capital fund that invests in UK companies with highly scalable, disruptive technology that are addressing large global markets. Seraphim invests across all sectors and all stages. The fund is backed by a consortium of business angel networks and corporate venturers from across the UK and the US. Seraphim currently has a portfolio of 10 investments spanning the internet, mobile, enterprise software, life sciences and semiconductors sectors.
About Oxford Capital Partners
Oxford Capital currently oversees a portfolio of around 30 companies in a range of technology sectors, focusing on three super-growth themes: healthcare, communications and sustainability. It invests across all stages of development, from start-up to IPO and it works with portfolio companies to accelerate them into international markets in Europe, the US, Middle East and Asia.
The company innovated by pioneering the tax efficient Enterprise Investment Scheme (EIS) Fund and manages £36 million in five Oxford Gateway EIS Funds.
Oxford Capital is located at the heart of Europe’s largest agglomeration of scientific clusters. This region is renowned as a centre of excellence in the many new fields of science and applied technologies and is the base for numerous technology businesses, research institutions, laboratories, universities, scientists and entrepreneurs.
T +44 (0)20 7438 2500
F +44 (0)20 7438 2501
Nesta Operating Company, a company limited by guarantee registered in England and Wales with company number 7706036 and charity number 1144091. Registered as a charity in Scotland number SC042833.
Add your comment
In order to post a comment you need to
be registered and signed in.