Biofortuna raises £2m in fresh funding round

A MERSEYSIDE bio-medical company has raised more than £2m in a fresh fund-raising round whioch will see its seek approval for its products in the US.

Biofortuna, a pioneer of  in-vitro molecular diagnostic products, has been backed by a number of institutions, including the Merseyside Special Investment Fund – which helped fund the start up of the Bromborough company in 2008.

Biofortuna produces a unique range of products for the transplantation and pharma-cogenetic markets. It uses a specialist freeze drying technology which allows testing kits to be shipped more easily.  

Normally such genetic tests need to be stored and transported at sub zero temperatures, then be carefully warmed and mixed with various reagents in a number of stages before the test sample is added.

Biofortuna’s products can be shipped in the post, stored at room temperature and, as all reagents are included pre-mixed, the user only needs to add the DNA sample – significantly reducing complexity and cost.  
The latest round of funding includes a further equity investment from MSIF through its Merseyside Loan & Equity Fund and investments by Foresight a London-based VCT fund, EV’s Rising Stars Growth Fund, Catapult Growth Fund, the management and other private investors.

Chief executive Simon Douglas said: “This latest round of funding will enable us to grow the business by gaining regulatory approval in the USA, expanding our product line and helping us to penetrate new markets.  

“MSIF has been with Biofortuna from the beginning and their support has been invaluable in getting us to where we are now.  They understand the goals of the business and we look forward to continuing our partnership with them.”

MSIF’s portfolio director Janet Butler added: “MSIF has invested in some exciting companies within this sector and Biofortuna is certainly one of them.  

“The company has developed some really innovative products that are attracting a lot of interest and we are very pleased to be supporting them through this next phase of growth.”