Money pouring into Nanopore
08.05.2012 - Satisfied investors again hand out money to UK-biotech Oxford Nanopore. Almost all of the newly raised €39m comes from existing funders.
Oxford – British next generation sequencing specialist Oxford Nanopore Technologies Ltd has announced that its recent fundraising round has been successful. All in all, €39.0m (£31.4m) will lubricate the biotech’s plans to boost its operational standing. CEO Gordon Sanghera wants to spend the money on different fronts: „This round of funding will support a range of corporate development activities including the development of our commercial infrastructure and the expansion of our manufacturing function. We will also continue to maintain our leadership position in nanopore innovation through maintenance and expansion of our broad intellectual property portfolio."
Almost all the money comes from existing investors via private placements of ordinary shares. Oxford Nanopore summed up that the total amount raised in the company’s life since its inception as a University of Oxford spin-off in 2005 is about €130.2m. The up-and-coming high-tech shack has developed a rapid and cheap new sequencing technology based on nanopores to directly and electronically detect and analyse single molecules. Since the first public demonstration of the technology in mid-February friends and foes alike early await its direct to customer commercialisation in the manifestations of the GridION platform and the MinION device in the second half of 2012. Currently, competitors such as Roche/IBM are just in research stage.