August 18, 2009
With offices in both Woburn, Massachusetts and Vedaek, Denmark; one of the leaders in molecular biomedicine, AdvanDX announced today that it had closed an $8 million funding round from existing shareholders, Scandinavian Life Science or SLS Ventures and LD Pensions. Along with this round of funding, AdvanDX also announced that it was to elect a new member to its board of directors.
AdvanDX is a leader in molecular biomedicine and specializes in developing molecular diagnostic tests for life threatening bacterial infections. These diagnostic tests are very easy to use and provide very accurate results quickly. This in turn can greatly improve the patient’s care and treatment and further save lives that could otherwise be lost to bacterial infections that have been diagnosed too late. Furthermore, because these diagnostic test kits that AdvanDX develops and markets can diagnose infections accurately can allow for quicker treatment of infections, reducing both the patient’s hospitalization and healthcare costs. AdvanDX diagnostic products are used both in the United States and Europe.
Along with the funding, the company’s stock holders elected Tina W. Christensen to its board of directors. Ms. Christensen works for Denmark’s health insurance company, “Danmark,” where she serves as the company’s CFO and vice president. Danmark is responsible for providing healthcare to over 2 billion Danish citizens.
According to the CEO and president of AdvanDX, Thais Johansen; more medical institutions are starting to adopt the techniques that AdvanDX is developing and the company is seeing its sales grow. Furthermore the proceeds from this funding will help the scientists working at AdvanDX to develop new tests and diagnostic tools for some of the more serious infections that can afflict people who are hospitalized. Mr. Johanesn further stated that he and the team of AdvanDX is very appreciative of the endorsement of the company’s investors to help them in the future.
SLS Ventures is an interntational vc firm that is devoted to the life sciences industry and is one of the largest vc firms based in Scandinavia. To date, SLS Ventures has over €270 million ($383,866,361.58) of committed capital under its management. Some other companies in SLS’s portfolio include ActionPharma, Atlas Antibodies, Doxa, Gyros, Light Sciences Oncology, Medical Vision, Medicure, OxThera, and others.
With over $10 billion under its management, LD Pensions is one of Denmark’s largest pension funds and has a long term investment strategy that is very selective. LD Pensions likes to invest in unlisted companies that present great opportunities for the fund and the fund has the objective of investing in a particular company for a time period of in between three to five years.
For more information about AdvanDX, click here.