K.U. Leuven diagnostics systems spin-out Cartagenia secures €2.2M

05 Oct 2011 | News | Update from KU Leuven
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Cartagenia, which was spun out of K.U. Leuven in 2008, received a new capital injection of EUR 2.2 million. These additional resources will serve to further develop the company's market presence, to start up an office in the United States and to invest in a new product line.

Cartagenia delivers diagnostic knowledge, software and database systems, and related services to enable genetic labs and clinicians to perform clinically relevant genetic analyses quickly and efficiently, and allow them to offer patients and carers high quality genetic interpretation and counseling.

Half of the capital comes from existing shareholders (PMV/VINNOF and Gemma Frisius Fund) and the founders, the other half comes from Euronext-listed Quest for Growth.

"Cartagenia welcomes Quest for Growth as a strategic key shareholder", says Cartagenia CEO Herman Verrelst. "This capital increase will help us strengthen our market presence and accelerate the development of certain products.  We are particularly excited about the opportunity to expand our business to supporting clinical genetic diagnosis based on Next Generation Sequencing (NGS) data. We also want to respond to the growing demand to support prenatal screening and cancer diagnosis."

Ms. Katrin Geyskens, senior investment manager at Quest for Growth states that Cartagenia perfectly matches its strategy of investing in fast-growing innovative technology.  "Cartagenia has a broad product line. Thanks to the prospect of growing revenue in the coming years, a strong cash position and balance sheet and competitive technology, we are convinced that that the company will play a leading role in its market segment in the years to come."

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