Gyros Raises SEK 80 Million to Accelerate the Commercialization of its Gyrolab(R) Systems for the Cost-Efficient Development of Biopharm... ( UPPSALA Sweden June 29 /- ...)

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Gyros Raises SEK 80 Million to Accelerate the Commercialization of its Gyrolab(R) Systems for the Cost-Efficient Development of Biopharmaceuticals

Date:6/29/2009

UPPSALA, Sweden, June 29 /PRNewswire/ --

- Financing Led by SLS Invest Will Fund Gyros to Profitability

Gyros AB, the leading provider of automated micro-immunoassays for therapeutic protein development, announces that it has raised SEK 80 million (approximately euro 7.5 million) in an equity fundraising led by SLS Invest, the Company's leading shareholder. The new funds will enable Gyros to drive the further commercialization of its Gyrolab technology. This unique technology platform is rapidly gaining traction with leading pharma and biotech companies as well as CROs and CMOs focused on the efficient, accelerated development of new biopharmaceuticals. A growing list of more than 20 companies worldwide, including Merck, MedImmune, GSK, Amgen, Pfizer, Ablynx and ThromboGenics, currently benefit from Gyros' unique Gyrolab systems, with an installed base of 40 systems.

SLS Invest is a leading Scandinavian life science investor and its decision to lead this funding round reflects confidence in the potential of Gyros' automated micro-immunoassays for accelerating the development of therapeutic proteins. It also is in line with SLS Invest's revised investment approach, which is centred on providing greater support to a smaller number of its portfolio companies. SLS Invest's confidence in Gyros' future success is evidenced by the fact that, following the financing, it owns an 88% shareholding in Gyros.

The financing was also supported by Industrifonden, a foundation that invests in innovative Swedish companies, which now has an 8% stake in Gyros. SLS Invest, together with Industrifonden, is committed to providing the funding needed for Gyros to achieve profitability.

Commenting on today's announcement, Erik Wallden, CEO of Gyros, said, "I am delighted that SLS Invest has led this SEK 80 million equity fundraising. These new funds will provide the financial resources that
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Gyros Raises SEK 80 Million to Accelerate the Commercialization of its Gyrolab(R) Systems for the Cost-Efficient Development of Biopharm...( UPPSALA Sweden June 29 /- ...)