Mobidiag has added a €10m equity investment from Autobio
Mobidiag, an Espoo, Finland-based company that develops innovative solutions to advance the diagnosis of infectious diseases, announced that it secured a €10M ($11.4M) equity investment from Autobio Diagnostic, one of the leading clinical diagnostics companies in China.
Proceeds from the investment will be used by Mobidiag to continue growing its product portfolio, accelerate the development of further assays for the Novodiag system and enhance its manufacturing capabilities, as well as continuing to facilitate Mobidiag’s commercial expansion.
The announcement was made in conjunction with the company entering into a joint venture agreement with Autobio Diagnostics in order to commercialise the Novodiag platform in China. Mobidiag and Autobio will jointly invest €12.3M to establish a joint venture company in China. Autobio will invest €8m in cash to hold 65%, and Mobidiag will invest €4.3M to hold 35%.
Mobidiag, founded in 2000 and led by CEO Tuomas Tenkanen, provides innovative solutions for in vitro diagnostics of infectious diseases. The company developed the Novodiag platform, an innovative molecular diagnostics solution allowing fully automated detection of infectious diseases, including antibiotic resistances. The platform combines real-time PCR and microarray technologies, to allow direct analysis of samples placed in a disposable cartridge. It also allows for comprehensive screening of multiple or single pathogens within approximately one hour, allowing clinicians to be better informed when making time-critical decisions, helping to deliver early treatments and avoid the spread of infection.
Earlier in 2018, Mobidiag completed a 4M euros funding supported by the Finnish investment service company Springvest Oy.