genOway raises €3.3 million in private equity fundraising
Funds will help "consolidate Company’s leading European position in the development of tailor-made transgenic mice and rats." Alexandre Fraichard, CEO of genOway delivers upbeat message.
genOway (Lyon, France), the leading European provider in transgenesis, announced today the completion of a €3.3 million fundraising. Money raised will support growth of the company as it consolidates its leading position in Europe in developing tailor-made transgenic mice and rats.
Over the last four years, genOway expanded its business into 13 European countries. It is now working with major leading pharma companies including GlaxoSmithKline, Merck Sharp & Dohme, Sanofi-Synthelabo, Novartis and Pfizer, as well as renowned, non-profit academic research institutes including King’s College of London, Ludwig Institute for Cancer Research and Pasteur Institute.
This new fundraising, led by Dassault Developpement, reaffirms the confidence its existing investors, Qualis SCA, Rhône Alpes Création and Dassault Developpement share in genOway’s scientific solutions for pharmaceutical companies and research institutes.
The successful fundraising will enable genOway to launch its new product portfolio in Europe, for example, release of its Safe Transgenesis(TM), technology, will guarantee the development of an unlimited number of transgenic animals with predefined characteristics. The competitive advantages of these new products are to reduce the both the risk and development time of transgenesis projects, which are crucial for the industry.
Remaining funds will also foster a research programme to develop cloned rats and humanised models. Historically, scientists have been burdened with exhausting procedures and unpredictable results of genetically modified animal models.
"With our three ’safe and fast’ technologies that will be launched this year, scientists will no longer have to face such obstacles," said Alexandre Fraichard, CEO of genOway.
In addition, genOway has invested in newly renovated facilities in order to support the company’s expected rapid growth. New 1,200 square metre facility houses state-of-the-art laboratories and research equipment have been fully financed by genOway in 2002 thus providing a debt-free infrastructure with no further spending.
Based in Lyon, France and staffed with 30 people, of whom 25 are expert scientists, genOway offers pharmaceutical and academic research institutes, its tailor-made, genetically modified animal models for gene validation, drug screening, pharmacological studies, physiological measurements, and toxicological studies.
Keywords : genOway France Transgenics Fundraising Pharma development Therapeutic target Diagnostics
