Navigation Links
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 we need to achieve profitability. Our growing customer base, centred on leading companies developing new antibody and protein therapeutics, provides us with a strong platform to build Gyros into a successful, profitable business. We are now in a position to invest in the increased commercial resources needed to market the key advantages of our unique Gyrolab systems to both existing and new customers as we seek to drive our top-line growth."

Gyrolab is a versatile, automated analytical platform that dramatically reduces the time required to optimize and execute immunoassays. This results in increased efficiency in process development and in clinical evaluation of therapeutic proteins. Applications span the entire spectrum for immunoassays and Gyrolab is now firmly established as the preferred solution for pharmacokinetic (PK) assays in the development of therapeutic proteins.

Per Carendi, CEO of SLS Invest, said, "We are very happy to have this opportunity to invest in Gyros. Erik and his management team have mapped out an exciting future for Gyros based on the real benefits that the Company's systems can deliver to developers of novel biotherapeutics. Given that biotherapeutics products are expected to play a significant role in the growth of the pharmaceutical industry as they are used in the treatment of an ever-increasing range of diseases, we are confident of Gyros' future success."

Notes to Editors:

About Gyros AB

Gyros is the world leader in automated micro-immunoassays for therapeutic protein development.

Gyrolab(R), the company's automated and open platform, is a versatile analytical tool that dramatically reduces the time required to optimize and execute immunoassays. Time for assay optimization is often cut from weeks to a matter of days. This results in increased efficiency in process development and in clinical evaluation of therapeutic proteins. The ease of assay transfer is unsurpassed in the industry.

Gyrolab enables assays to be conducted with a significantly reduced background, increased dynamic range and with higher throughput. All this is achieved using only nanoliter volumes of reagents and sample. More data can be generated in less time and with higher precision, consequently improving productivity and effectiveness. Applications span the entire spectrum for immunoassays and Gyrolab is now firmly established as the preferred solution for pharmacokinetic (PK) assays in the development of therapeutic proteins.

Many major pharmaceutical companies and service providers - CMOs/CROs - have already implemented multiple Gyrolab platforms to boost their drug development process and to meet increasing regulatory demands on testing. Several validated assays are already in some phase of clinical sample analysis. Gyrolab xP complies with the requirements of 21 CFR Part 11 and comprehensive validation support is provided.

The company has over 50 employees based at its headquarters in Uppsala, Sweden and at regional sales and support offices in the USA and Europe.

http://www.gyros.com

About SLS Invest

SLS Invest is a leading Scandinavian based life science investor. SLS Invest focus on investments in small and mid-sized life science companies and provide a unique combination of capital, industrial and financial expertise.

http://www.slsventure.com

About Industrifonden

Industrifonden is a large, multi-sector investor in small and medium sized Swedish companies with international growth potential. It combines financing with active ownership, competence and networks. Industrifonden has total assets of SEK 3,100 million and holdings in about 100 companies the ICT, Life Science, Industrial Ventures and Cleantech sectors.

   http://www.industrifonden.se

    For further information, please contact:
    Erik Wallden, CEO
    Tel: +46-18-56-64-00
    erik.wallden@gyros.com


'/>"/>
SOURCE Gyros AB
Copyright©2009 PR Newswire.
All rights reserved

Related biology technology :

1. Pearl Therapeutics Raises $15.5 Million in Private Financing
2. Enobia Pharma Raises $40.1 Million Series B Financing
3. Cardiosolutions Raises $7 Million for Spacer Technology to Mitigate Mitral Regurgitation
4. MannKind Corporation Raises $250 Million in Self Managed Registered Direct Offerings of Common Stock
5. VisEn Medical Raises $7 Million in Series B Financing
6. Thermo Fisher Scientific Reports Record Third Quarter Revenues and Adjusted EPS and Raises Full-Year Guidance
7. Gen-Probe Reports Strong Financial Results for Third Quarter 2007, Raises Full-Year Guidance for Earnings Per Share and Total Revenues
8. Antibody Engineering Company f-star Raises EUR 3.0 Million in a Second Closing of its Series A Financing Round From Novo A/S
9. Perrigo Announces Final FDA Approval of Dexcels OTC Omeprazole; Raises Full Year Earnings Guidance
10. Anesiva Raises $45 Million in Common Stock Offering
11. Follica Raises $5.5 M To Advance New Treatment for Androgenetic Alopecia Into the Clinic
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:1/24/2017)... ... January 24, 2017 , ... ... biosensor assays for fragment-based screening, will showcase its proprietary Field Effect ... Automation and Screening (SLAS) conference in Washington, D.C. from Feb. 6 to Feb. ...
(Date:1/24/2017)... Washington, DC (PRWEB) , ... January 23, 2017 ... ... nonprofit organization that supports innovative science through unique partnerships, seeks outstanding early career ... Continued scientific innovation is critical to meeting the needs of a world in ...
(Date:1/24/2017)... , January 23, 2017 ... Model Market by Type (Genetic, Cell-based (CD34, PBMC, BLT)), ... End User (Pharmaceutical & Biotech Companies, CRO) - Global ... the global Humanized Mouse Model Market for the forecast ... to reach USD 116.0 Million by 2021 from USD ...
(Date:1/23/2017)... ... January 23, 2017 , ... USARAD Holdings Inc., a ... last year adding 65 new US and international facilities to its client base. ... well as one of US largest imaging center chains. USARAD continued its global ...
Breaking Biology Technology:
(Date:12/16/2016)... Dec. 16, 2016   IdentyTechSolutions America LLC ... products and solutions and a cutting-edge manufacturer of ... it is offering seamless, integrated solutions that comprise ... products. The solutions provide IdentyTech,s customers with combined ... facilities from crime and theft. "We ...
(Date:12/15/2016)... , Dec 15, 2016 ... Research and Markets has announced the addition ... offering. The report forecasts the global military biometrics market ... The report has been prepared based on an in-depth market ... and its growth prospects over the coming years. The report also includes ...
(Date:12/8/2016)... Market Research Future published a half cooked research report ... Security and Service Market is expected to grow over the CAGR ... Highlights: ... Mobile Biometric Security and Service Market is ... of authentication and security from unwanted cyber threats. The increasing use ...
Breaking Biology News(10 mins):