Lab21, a diagnostics company, closed a £2.2 million round from private equity investors to fund acquisitions and set up a US operation in South Carolina.
Graham Mullis, CEO, said “Given the very difficult financial markets of the past six months, I am delighted to welcome two new investors to Lab21. With new capital, we anticipate closing a number of [..] acquisitions.”
Nexus Medical Partners, based in Boston and South Carolina, and Rowan Dartington of the UK join Merlin Biosciences and Kreos capital as shareholders.
Maddy Kennedy, chief financial officer of Cambridge-based Lab21, said “I am pleased to be working with investors who understand healthcare markets and diagnostics specifically. Merlin Biosciences, now part of the Excalibur Group have continued to support Lab21 and advised the company with this finance round.”
Ed Snape, co-founder and head of the healthcare practice at Nexus Medical Partners. will join the board of Lab21. “The diagnostic market is changing rapidly and Lab21 is well placed with its management and product portfolio to be a serious consolidator in the sector,” Snape said.
Lab21 did not give any details of its acquisition plans but said it expects to complete the acquisitions of two European companies during the first half of this year.
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