NORWAY – SpinChip Diagnostics AS, a pioneering, diagnostics company developing a next-generation point-of-care platform for in vitro diagnostics, today announced the completion of its financing round, successfully securing NOK 130 million (€13.5 million).
Carnegie Investment Bank Norway acted as Sole Bookrunner on SpinChip®’s NOK 130 million (€13.5 Million) private placement.
Alongside new cornerstone investors such as Kistefos AS, the financing round was also well supported by existing shareholders.
The proceeds from the financing round will be used to further advance SpinChip®’s proprietary point-of-care (POC) in vitro diagnostics platform in addition to establishing a pilot- and full-scale manufacturing plant to prepare for market entry.
The SpinChip® proprietary diagnostics platform, consisting of the SpinChip® Analyzer and assay-specific cartridges, is built on microfluidic technology in combination with nanotechnology-based cartridge assays.
Its platform is aimed at providing patients and healthcare professionals with a tool that only requires one droplet of blood to provide highly accurate results within minutes, next to the patient.
The diagnostics platform has through internal trials already proven to match the most advanced high-sensitive laboratory diagnostic analyzers, meaning it can contribute to faster reliable triaging and facilitate earlier onset of appropriate treatment of patients.
SpinChip® is now preparing for clinical trial activities, including clinical performance studies, to gather sufficient data to apply for CE-marking, with its first diagnostic offering being within the acute cardiac segment.
Morten Jurs, Chief Executive Officer of SpinChip Diagnostics AS, commented, “We are very pleased to have successfully completed the NOK 130 million private placement and are delighted to welcome several new investors to SpinChip®, alongside with strong support from existing shareholders. With this financial backing, we will be able to take the platform into the next stage of development to eventually apply for CE-marking whilst we are preparing for market entry.”
Stig Morten Borch, Founder and Chief Scientific Officer of SpinChip Diagnostics AS, added, “SpinChip®’s platform represents the future of POC testing and we are delighted to get additional financial support to further advance the platform at this exciting time for the business.”
The funding will help SpinChip infiltrate a global point of care (POC) diagnostics market that was valued at €28.9 billion in 2020 and according to Fortune business insight, the market is set to experience a CAGR of 9.4% during 2021 to 2028.
Among other companies in the POC for vitro diagnostic platform are ThermoFisher scientific, Danaher Corporation, Abbott laboratories, Bio-Rad Labs, Ortho Clinical Diagnostics, Siemens, Sysmex corp, Becton, Dickinson and Company, BioMerieux S.A and Diasorin Molecular.