Spin-out company from the University of Southampton which develops diagnostic tests and novel treatments for hepatitis C has succeeded in raising £1.6 million in second-round finance
IP2IPO, the intellectual property business that commercialises university technology, says that HepCgen, a spin-out company from the University of Southampton, in which IP2IPO acquired an interest in March 2003, has succeeded in raising £1.6 million in second-round finance.
HepCgen develops diagnostic tests and novel treatments for hepatitis C and other liver diseases.
This second round of finance, which was heavily oversubscribed, capitalises the company at £4.8 million.
Funding was generated from both private and institutional investors.
In line with its business model, IP2IPO did not subscribe for new shares.
Following the completion of the fundraising IP2IPO holds a 24% shareholding in HepCgen.
HepCgen has made rapid progress since its formation in March 2003.
Building on its proprietary genetic tests which help tailor costly therapies for hepatitis C to the individual patient, the company has organised a highly efficient private laboratory service and signed diagnostic service contracts with major pharmaceutical clients.
William Rosenberg, HepCgen's founder and chief scientific officer, said: "The support from our new investors has been fantastic and will enable us take our commercial and R and D programmes to the next level much faster than we originally anticipated".
Dave Norwood, IP2IPO's chief executive, commented: "I am delighted that HepCgen has progressed so far, so quickly.
"HepCgen is a great example of a company with early stage revenues and a pipeline of R and D to support its future growth.
"The success of its financing round is a great endorsement."
