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GNA Biosolutions has completed its latest round of Series C financing in which it raised US$13.5 million.
Molecular diagnostics company based in Germany, GNA Biosolutions, has revealed the completion of its latest round of Series C financing in which it raised US$13.5 million. The raised monies will be used to further develop and secure regulatory registration of the company’s molecular point-of-care platform that is based on pulse-controlled amplification (PCA) technology.
The latest round of financing included outlay provided by existing investors, SHS Gesellschaft für Beteiligungsmanagement, Robert Bosch Venture Capital, UVC Partners, Mey Capital Matrix, KfW, and btov Partners. Additionally, new investors, including GreyBird Ventures, Occident, and Wachstumsfonds Bayern, joined the consortium.
“We are excited to work with the GNA team and look forward to supporting this stage of the company. Rapid molecular diagnostics are key to patient care across an increasingly broad range of therapeutic areas, and particularly infectious diseases,” said Tom Miller, partner at GreyBird Ventures, lead investor for the round, in an Aug. 5, 2019 press release. “We believe PCA technology will resolve many limitations of existing molecular diagnostics, enabling fast therapeutic decisions that improve patient care.”
“We are very appreciative of the enthusiastic response from our new investors and the continued support of our existing consortium. This Series C funding will help us execute our regulatory strategy and bring PCA to the clinic,” added Federico Buersgens, co-founder and managing director of GNA Biosolutions. “We believe having this unique combination of European and US investors on board gives GNA an edge-we have assembled a great consortium, which will provide us not only with a tremendous depth of experience but also visibility and access to decision makers across our key launch markets.”
Currently, the company’s platform is not approved for use by US or European regulatory bodies and is for research use only. However, the company plans to launch its platform first in the European Union, followed by the United States.
Source: GNA Biosolutions