Biosystems International secures $4.6 million VC funding

Investment

Paris-based Biosystems International has secured venture capitalist funding to develop monoclonal antibody-based diagnostics for lung, colon and breast cancer, to be marketed in 2010.

The company is a spin-out established after a collaboration between Professors Karger and Hancock from North Eastern University, USA and Pfizer, Inc (Paris). It has received $4.6 million (€3.5 million) from venture capitalist funds managed by SGAM AI, a major pharmaceutical company in Central Eastern Europe, and private investors.

Jean-Pierre Tirouflet, Chief Executive Officer of Biosystems International, said: “BSI SAS and its investors pursue a long-term and lasting investment strategy. The renewed commitment strengthens our status as innovator in the field of cancer diagnosis.” Laszlo Takacs, Chief Scientific Officer, added: “Benchmarks, preceding the financial agreement, demonstrated the company’s potential as a market leader in the field of monoclonal antibody based cancer diagnostics.”

“The decision to follow our investment in Biosystems International is based on the recent technology validation success,” says Jean-Yves Nothias from SGAM AI. “We are now entering in the diagnostic product development phase for early cancer diagnosis. This phase corresponds to a significant increase in value, since Biosystems is targeting cancer indications with particularly high unmet medical need. We are very pleased to have received validation of this strategy by a pharmaceutical partner.”

Biosystems International is currently focused on the discovery and development of diagnostic tests in the areas of cancer and metabolic diseases, as well as the development and commercialisation of antibody arrays for plasma proteome profiling.