Sciety raises MSEK 10 to diagnostics company fighting the tuberculosis epidemic
The new issue of shares in EMPE Diagnostics was fully subscribed already two weeks before the subscription period expired. EMPE Diagnostics develops a rapid test for diagnosis of tuberculosis. In total, 10 million SEK was invested and the funding will be used for final product validation and market launch.
In the financing round, investors from the Sciety investment syndicate participated together with Almi Invest which invested 2 million SEK. The average investment per person was approximately 200,000 SEK.
“We have noticed that investors look for companies like EMPE Diagnostics that combine financial potential with social benefit, which is in line with Sciety’s investment philosophy”, says Andreas Lindblom, CEO of Sciety.
Now, EMPE Diagnostics will finalise its ongoing product validation in collaboration with reference laboratories to WHO. EMPE Diagnostics is set to launch in Europe this autumn and then in India where tuberculosis is a major health problem with more than 2.5 million people diseased.
“During my education and professional life in India, I was often hit by the big gap between available healthcare technologies and the reality in many regions in need. Most of today’s methods for diagnostics of tuberculosis are either slow or require infrastructure that is only available at well-equipped laboratories. I look forward to provide a diagnostic test adapted to regions with limited infrastructure”, says Pavan Asalapuram, co-founder and CEO of EMPE Diagnostics.
Last autumn, Pavan visited India’s authorities for disease control and medical control in collaboration with Swecare.
“We received positive indications to become a supplier for a national tuberculosis program in collaboration with authorities and tuberculosis laboratories. The program would require more than 40 million test kits per year”, says Pavan.
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Sciety is an investment syndicate that wants innovations that make a difference to reach their full potential and create value. We select unlisted growth companies within life science and prepare them for investments from our members.
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