Lab21 Limited raises a further £1.3m
17th March 2009
Cambridge, UK – 17 March 2009: Lab21, the healthcare diagnostics company, is pleased to announce that it has raised a further £1.3 million of growth capital in a funding round that includes a significant investment from Medicis Capital Group, the Munich-based specialist healthcare investor.
Dr Kai Deusch, the founder and Managing Director of Medicis, has an impressive track record of investing in healthcare and will join the Board of Directors of Lab21. Dr Deusch, who founded Medicis in 1999, was formerly a Director of Apax Partners’ healthcare team and was also with McKinsey, the global consultancy group.
Nexus Medical Partners, a US-based existing investor in Lab21, also subscribed for shares in this fundraising, which follows the successful £2.2 million funding round announced in December 2008.
Part of the proceeds from this fundraising will enable the opening of a US office for Lab21, allowing the company to build its presence in the US.
Graham Mullis, CEO of Lab21, commented: “This fundraising provides further capital to support our near-term acquisition and expansion strategy, which is gaining considerable momentum. I am delighted to welcome Medicis to our shareholder register and look forward to working with Dr Deusch on the Board of Lab21. His experience of advising growth companies will be of great value in Lab21’s future development.”
Dr Ed Snape, the Nexus representative on the Board of Lab21, commented: “Consistent with its business strategy, Lab21 is establishing its US headquarters in South Carolina to address the large US market for its products and services and to pursue US consolidation opportunities.”
Dr Kai Deusch, the head of Medicis, commented: “Lab21 is poised to take full advantage of the consolidation opportunity that exists today in global diagnostic markets and I look forward to supporting the Lab21 team to achieve their growth objectives.”
For further information:
Lab21:
Graham Mullis, CEO / Maddy Kennedy, CFO / Dr Berwyn Clarke, CSDO
t: +44 (0)1223 395450
e: graham.mullis@lab-21.com
maddy.kennedy@lab21.com
berwyn.clarke@lab21.com
For media and investor enquiries:
Buchanan Communications
Mark Court / Rebecca Skye Dietrich / Katharine Sutton
t: +44 (0) 20 7466 5000
e: markc@buchanan.uk.com
rebeccad@buchanan.uk.com
About Lab21
Lab21 is a global provider of state-of-the-art diagnostic products and services, supporting drug discovery and healthcare. Its customers include healthcare providers, pharmaceutical and biotechnology companies.
The Company has a growing test portfolio providing companion diagnostics and high technology assays for the growing integration of personalised medicine into healthcare. These services and products are currently in infectious diseases, oncology and pharmacogenetics areas with emerging interests in cardiovascular and metabolic disease.
Lab21's clinical reference laboratory and corporate office is based in Cambridge, UK and the Company's investors include Merlin Biosciences, Nexus Medical Partners, Rowan Dartington and Kreos Capital
Website: www.lab21.com
