Belgian Firm Raises €80M for Rapid Infection and Cancer Tests
Biocartis is aiming to raise funds through a private placement of shares in order to support sales and further development of its rapid cancer tests.
Based in Mechelen, Belgium, Biocartis focuses on developing fast, easy-to-use diagnostics. In order to boost its molecular diagnostics technology, the company launched a private equity placement of shares on Euronext Brussels that has raised €80M. The funds will be dedicated to expanding the applications of its molecular diagnostics system, Idylla, increase its manufacturing capacities and boost marketing and sales.
Idylla has been on the market since 2014 and currently supports twelve cancer tests, including for well-known BRAF and KRAS mutations, as well as two tests for infectious disease. Unlike with other cancer tests on the market, which take between 1 and 5 days to yield results (in many cases even weeks), Biocartis claims that Idylla only takes up to 2.5h from sample loading to obtaining a result.
Among the new tests the company is planning to develop, there’s a 21-gene panel for breast cancer under development through a partnership with Genomic Health, which committed €4M to the private placement.
Image via Biocartis