CASE STUDY: BIOFORTUNA - Foresight Group
CASE STUDY: BIOFORTUNA - Foresight Group
CASE STUDY: BIOFORTUNA - Foresight Group
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<strong>CASE</strong> <strong>STUDY</strong>: <strong>BIOFORTUNA</strong><br />
<strong>CASE</strong> <strong>STUDY</strong>:<br />
<strong>BIOFORTUNA</strong><br />
Total originally invested: £1.25m<br />
Type: Growth Capital<br />
Date completed: January 2012<br />
Sector: Healthcare<br />
Website: www.biofortuna.com
“Having worked with <strong>Foresight</strong> before<br />
I understood their quick decision making<br />
process and pragmatic approach, which made<br />
for a smooth investment process – enabling<br />
us to focus on developing the business. I look<br />
forward to working with them, and alongside<br />
my colleagues and our partners, achieving the<br />
full potential of Biofortuna.”<br />
Simon Douglas, CEO<br />
Biofortuna<br />
<strong>CASE</strong> <strong>STUDY</strong>:<br />
<strong>BIOFORTUNA</strong><br />
COMPANY BACKGROUND:<br />
Founded in 2008, Biofortuna has developed a unique range of<br />
molecular diagnostic products using proprietary freeze-dried technology.<br />
The Company’s initial range of products was targeted at the transplantation<br />
market, matching the genetic type of organ recipients with donor<br />
organs. Biofortuna has partnered with the molecular diagnostics<br />
business of the global life sciences giant Abbott, who are already<br />
distributing Biofortuna’s proprietary freeze-dried kits.<br />
FORESIGHT INVESTMENT:<br />
<strong>Foresight</strong> invested £1.25m as part of a £2.1m growth capital round, with the<br />
balance put up by existing investors, a mix of seed funds, private investors<br />
and management.<br />
This investment sees <strong>Foresight</strong> reunited with Biofortuna CEO, Simon Douglas,<br />
formerly CEO of DNA Research Innovations and Executive Chairman of Lab 901,<br />
both previous <strong>Foresight</strong> investee companies. DNA Research Innovations, a DNA<br />
purification business, was sold to Invitrogen for $65m in 2004.<br />
FUTURE STRATEGY:<br />
The new funds will enable the business to expand its manufacturing operations<br />
in line with sales growth, support applications for regulatory approvals, most<br />
notably in the US market, and broaden product range to address companion<br />
diagnostics, antibody screening and disease identification.
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