Gyros Raises SEK 80 Million to Accelerate the Commercialization of its Gyrolab(R) Systems for the Cost-Efficient Development of Biopharmaceuticals
UPPSALA, Sweden, June 29 /PRNewswire/ --
- Financing Led by SLS Invest Will Fund Gyros to Profitability
Gyros AB, the leading provider of automated micro-immunoassays for therapeutic protein development, announces that it has raised SEK 80 million (approximately euro 7.5 million) in an equity fundraising led by SLS Invest, the Company's leading shareholder. The new funds will enable Gyros to drive the further commercialization of its Gyrolab technology. This unique technology platform is rapidly gaining traction with leading pharma and biotech companies as well as CROs and CMOs focused on the efficient, accelerated development of new biopharmaceuticals. A growing list of more than 20 companies worldwide, including Merck, MedImmune, GSK, Amgen, Pfizer, Ablynx and ThromboGenics, currently benefit from Gyros' unique Gyrolab systems, with an installed base of 40 systems.
SLS Invest is a leading Scandinavian life science investor and its decision to lead this funding round reflects confidence in the potential of Gyros' automated micro-immunoassays for accelerating the development of therapeutic proteins. It also is in line with SLS Invest's revised investment approach, which is centred on providing greater support to a smaller number of its portfolio companies. SLS Invest's confidence in Gyros' future success is evidenced by the fact that, following the financing, it owns an 88% shareholding in Gyros.
The financing was also supported by Industrifonden, a foundation that invests in innovative Swedish companies, which now has an 8% stake in Gyros. SLS Invest, together with Industrifonden, is committed to providing the funding needed for Gyros to achieve profitability.
Commenting on today's announcement, Erik Wallden, CEO of Gyros, said, "I am delighted that SLS Invest has led this SEK 80 million equity fundraising. These new funds will provide the financial resources that we need to achieve profitability. Our growing customer base, centred on leading companies developing new antibody and protein therapeutics, provides us with a strong platform to build Gyros into a successful, profitable business. We are now in a position to invest in the increased commercial resources needed to market the key advantages of our unique Gyrolab systems to both existing and new customers as we seek to drive our top-line growth."
Gyrolab is a versatile, automated analytical platform that dramatically reduces the time required to optimize and execute immunoassays. This results in increased efficiency in process development and in clinical evaluation of therapeutic proteins. Applications span the entire spectrum for immunoassays and Gyrolab is now firmly established as the preferred solution for pharmacokinetic (PK) assays in the development of therapeutic proteins.
Per Carendi, CEO of SLS Invest, said, "We are very happy to have this opportunity to invest in Gyros. Erik and his management team have mapped out an exciting future for Gyros based on the real benefits that the Company's systems can deliver to developers of novel biotherapeutics. Given that biotherapeutics products are expected to play a significant role in the growth of the pharmaceutical industry as they are used in the treatment of an ever-increasing range of diseases, we are confident of Gyros' future success."
Notes to Editors:
About Gyros AB
Gyros is the world leader in automated micro-immunoassays for therapeutic protein development.
Gyrolab(R), the company's automated and open platform, is a versatile analytical tool that dramatically reduces the time required to optimize and execute immunoassays. Time for assay optimization is often cut from weeks to a matter of days. This results in increased efficiency in process development and in clinical evaluation of therapeutic proteins. The ease of assay transfer is unsurpassed in the industry.
Gyrolab enables assays to be conducted with a significantly reduced background, increased dynamic range and with higher throughput. All this is achieved using only nanoliter volumes of reagents and sample. More data can be generated in less time and with higher precision, consequently improving productivity and effectiveness. Applications span the entire spectrum for immunoassays and Gyrolab is now firmly established as the preferred solution for pharmacokinetic (PK) assays in the development of therapeutic proteins.
Many major pharmaceutical companies and service providers - CMOs/CROs - have already implemented multiple Gyrolab platforms to boost their drug development process and to meet increasing regulatory demands on testing. Several validated assays are already in some phase of clinical sample analysis. Gyrolab xP complies with the requirements of 21 CFR Part 11 and comprehensive validation support is provided.
The company has over 50 employees based at its headquarters in Uppsala, Sweden and at regional sales and support offices in the USA and Europe.
About SLS Invest
SLS Invest is a leading Scandinavian based life science investor. SLS Invest focus on investments in small and mid-sized life science companies and provide a unique combination of capital, industrial and financial expertise.
Industrifonden is a large, multi-sector investor in small and medium sized Swedish companies with international growth potential. It combines financing with active ownership, competence and networks. Industrifonden has total assets of SEK 3,100 million and holdings in about 100 companies the ICT, Life Science, Industrial Ventures and Cleantech sectors.