Series C generates €71mm for Biocartis

Four-year-old Swiss molecular diagnostics company Biocartis SA has raised €71mm ($96mm) in its Series C financing led by Biocartis' senior management and VVGB’s Peter Verhaeghe. Also participating were Debiopharm Group, Philips, Johnson & Johnson Development Corp., Biovest, Benaruca (the family investment firm of the company's co-founder and CEO Rudi Pauwels), Wellcome Trust, Korys (investment holding of the Colruyt family), Valiance, the family office of Dr. Paul Janssen, IHL SA (Luc Verelst), PMV, and New Rhein Healthcare. Representatives from Korys, Valiance, Debiopharm, and JJDC will join the company’s board. Biocartis seeks to create new diagnostics with applications in infectious diseases and personalized medicine. Its first product, Apollo, is a fully automated, compact MDx system based on technology licensed from Royal Philips Electronics NV. A launch is anticipated for 2013. This Series C is the largest private financing for a diagnostics company since July 2010 when Pacific Biosciences brought in $109mm via its Series F round.