Oxford Immunotec Closes Second Tranche of $26 Million Series D Financing Led by New Leaf Venture Partners
NEW YORK--(BUSINESS WIRE)--New Leaf Venture Partners (NLV Partners) announced today the closing of the second tranche of a $26 million investment in Oxford Immunotec Ltd., a leading manufacturer and marketer of T cell-based diagnostic tests. The Series D financing was led by NLV Partners, and additional participants included new investor Kaiser Permanente Ventures and existing investors Clarus Ventures, Wellington Partners, Kuwait-based National Technology Enterprises Company, SPARK Ventures, DFJ Esprit, Oxford University and The Dow Chemical Company.
In connection with the financing, Vijay Lathi, a managing director at NLV Partners, has joined Oxford Immunotec's Board of Directors. Jonathan Gee, Ph.D., a director at SPARK Ventures, also joined the Board of Directors, following the close of the first tranche of the financing in July 2009.
Oxford Immunotec is developing and commercializing novel tests for serious diseases based on the Company's innovative, patented T cell measurement technology, T-SPOT®. The financing will support advancement of the Company's diagnostic product pipeline and the ongoing commercialization of the T-SPOT®.TB test, currently marketed in the United States, Europe, Canada and more than 40 other countries worldwide. T-SPOT.TB is a laboratory-based, cellular blood test designed to diagnose both latent tuberculosis (TB) infection and active disease by measuring T cells that have been activated specifically by Mycobacterium tuberculosis (MTB) antigens. The World Health Organization (WHO) estimates that more than one-third of the world's population currently is infected with MTB. In the U.S., there are an estimated 15 million individuals infected with latent TB, and an estimated 17 million tests for latent TB are performed each year.
NLV Partners' Mr. Lathi stated, "Oxford fits squarely into our diagnostic investment strategy, which is focused on novel tests with high clinical impact and clear pharmacoeconomic benefit. Oxford's first marketed test is an important step forward in the management of TB, a field that has seen little innovation since the introduction of the tuberculin skin test over 100 years ago. Furthermore, Oxford has in place several key elements including U.S. PMA approval, supportive guidelines and well over 150 publications validating the performance of the lead test. In addition, in the past year Oxford achieved a significant milestone, developing the means of testing blood samples more than 24 hours after collection, making possible their strategy to process collections in their own centralized facilities."
Peter Wrighton-Smith, CEO of Oxford Immunotec, commented, "I am delighted to welcome two prestigious investors into the Company. Both NLV Partners and Kaiser Permanente Ventures have substantial experience in building successful and innovative high-value diagnostics companies. I look forward to harnessing their expertise. Further, the quality of our investor base, combined with the size of this financing, puts the Company in a position of real financial strength from which to invest for the future. Our particular emphasis will be on investing further in the sales and marketing of T-SPOT.TB to accelerate the Company's rapid revenue growth."
About NLV Partners
NLV Partners is a life science-dedicated venture capital firm with offices in Menlo Park and New York. Founded by an experienced team of venture capitalists with deep healthcare industry experience, NLV Partners invests primarily in companies focused on clinical-stage biopharmaceutical products, early-stage medical devices and molecular diagnostics. NLV Partners manages over $1.3 billion of assets, including NLV-I, NLV-II and the healthcare technology portfolio of Sprout Group. For further information, visit the NLV Partners website at www.nlvpartners.com.
About Oxford Immunotec
Oxford Immunotec Ltd., the T cell measurement company, is headquartered near Oxford, UK; its US operations are based in Marlborough, MA. The company develops and sells clinical diagnostic products based on its patented T-SPOT® technology, the first FDA-approved method for directly quantifying antigen-specific T cells.
T-SPOT technology is a simple and extremely accurate method of studying a person's cellular immune response to infection and could be applied to diagnose and monitor any major disease driven by a T cell response.
About T-SPOT®.TB test
The T-SPOT.TB test is an in vitro T cell measurement assay used for diagnosing TB disease and latent TB infection and is the first product from Oxford Immunotec using T-SPOT technology. The product offers unrivalled sensitivity with results unaffected by a patient's immune status. The T-SPOT.TB test is approved for sale in Europe, USA, Canada and over 40 other countries worldwide and is designed to replace the 115 year old tuberculin skin test. It offers a substantially more accurate and effective tool for controlling the spread of TB, addressing a market exceeding $1bn.
T-SPOT and the Oxford Immunotec logo are trademarks of Oxford Immunotec Ltd.
© 2010. All rights reserved.
Burns McClellan on behalf of NLV Partners
Justin Jackson, 212-213-0006
Oxford Immunotec Ltd.:
Dr Peter Wrighton-Smith, CEO
Tel: +44 (0)1235 442780
Fax: +44 (0)1235 442781