PathoQuest, a genomic expert company dedicated to the microbiology testing market and a leader in clinical diagnostics and biologics testing applications, today announces the closing of an 8M euros financing series. The funding includes a venture loan from Norgine Ventures, financing from historical investors Kurma Partners, Idinvest Partners and strategic partner, Charles River Labs and a new venture investor, investiere. The financing also includes 427K euros in non-dilutive funding from the French Public Program Investissement d’Avenir (PIA3) – concours Innovation i-Nov which is dedicated to bioproduction.
“We are excited to make this investment in PathoQuest since they represent an exciting healthcare company that delivers novel solutions addressing challenges faced by biopharmaceutical companies in their quest to deliver safer, better treatments to patients,” stated Chris Gay-Crosier, Head International Investments at investiere. “PathoQuest’s expertise has also enabled the company to broaden the application of next-generation sequencing (NGS) into clinical microbiology through the development of iDTECT™ Dx Blood, a promising new test designed to assist clinicians with their efforts to implement effective antimicrobial stewardship initiatives.”
“We are pleased to complete this financing round since it will permit the company to further establish our position as a leader in the application of NGS to microbiologic testing,” commented Jean-Francois Brepson, PathoQuest’s CEO. “This financing is a direct result of the company’s efforts to date, including the rapid expansion of our Biologics Genomic Services business and the advancement of efforts with iDTECT Blood in a clinical setting.”
International Technology and Life Sciences investment firm Fraser Finance (fraserfinance.com) acted as exclusive financial advisor to PathoQuest for this transaction. Willy Mathot Avocat (willymathot-avocat.com) acted as legal advisor to PathoQuest.
PathoQuest, a spin out of Institut Pasteur, is a life sciences company offering a game changing metagenomics approach to improving pathogen detection in biological samples. PathoQuest’s technology combines a Next-Generation Sequencing (NGS) platform and a proprietary sample preparation process which is applicable to several types of samples with a proprietary pathogen genome sequence database and automated analysis pipeline. The company’s solution provides microbiologists and clinicians with a comprehensive analysis covering all known clinically relevant human pathogens. PathoQuest has developed iDTECT™ Blood, the first and only CE IVD metagenomic test for clinical infectious disease diagnosis.
Based on the company’s technological platform, PathoQuest also offers biopharmaceutical companies a disruptive approach to secure production of biologics like vaccines, recombinant proteins, cell and gene therapies. PathoQuest’s Biological Genomic Services are currently being utilized by a growing number of major biopharma companies and clinical stage biotech companies. For more information visit www.pathoquest.com.