ViroGates announced today that it has closed a private financing round of DKK 14.5 million. In conjunction with the new investments, DTU Innovation/SEED Capital experienced a successful exit. Support for entrepreneurships DTU Innovation/SEED Capital was one of the first investors in ViroGates.
"When we initially invested in ViroGates, we saw the potential of a Danish company being a success on a global scale. It has been a pleasure to follow the company from the sideline and to see how the management team has successfully taken a research project, commercialized it and established a real company with an organization, and a marketable product," says Carsten Schou, Partner, SEED Capital.
The venture fund invests in small start-up companies driven by the spirit of innovation and entrepreneurship. Carsten Schou continues; "Usually our investments are high risk capital because we invest in the start-up phase. We invest in an idea or technology with a great potential for growth; however, the reality is that many of our investments never become the success we hope for so in that respect, ViroGates has been a very satisfactory investment both on a personal and financial level."
"Innovation funding is an integral and valuable tool for Danish entrepreneurs. ViroGates greatly appreciated the helpful and timely investment in the initial phase of the company's life, and we are pleased that DTU Innovation/SEED Capital was able to experience a successful exit," adds ViroGates CEO Ian Laquian.
New millions to expand operations The new investment was funded by current shareholders and four new private business angels, and will contribute to the continuing development of the company's operations.
"Recent studies show that our suPARnostic™ ELISA kit can be used as an effective clinical management tool. Until recently, we had been focused mainly on resource poor settings; however our new findings combined with this new capital provides us with the opportunity to expand our operations in more industrialized markets such as Europe and the US. ViroGates still remains focused in providing solutions to third world problems," says Jesper Eugen-Olsen, CSO and Founder of ViroGates.
ViroGates is a Danish in-vitro diagnostics company focusing on monitoring patient health status. The company has developed a novel method to monitor patient disease progression by measuring the level of an individual's immune activation.
Based on an ELISA platform, the suPARnostic™ technology involves the measurement of the natural human blood protein suPAR (soluable urokinase Plasminogen Activator Receptor), whose elevated levels are indicative of poor patient prognosis and/or disease outcome. Through innovative research and strategic partnering ViroGates aims to develop and globally distribute prognostic and pharmacological products, with the mission to improve the lives of people worldwide.