European leader in autoimmune disease diagnostics wins over new investors with its successful Luminex-FIDIS™ technology.
BMD based in Marne-la-Valleé, France, has successfully raised 9.3 million Euros in a new round of financing. BMD raised 4.6 million Euros in its first round of financing in 2000 when annual turnover from its advanced diagnostic were 19.7 million Euros. Since its creation, BMD has enjoyed a mimimum annual rate of growth of 15%.
The new financing enables BMD to speed up development of its lead product, FIDIS™, which the company expects to become an instrumentation standard, and to boost its International commercialisation, particularly in the US.
Lead investors for this financing round were Truffle Venture, Europe Innovation and Siparex Ventures, followed by AGF Private Equity, 123 Multinova and orginal investors CDC IXIS Innovation, Auriga Partners, Suddinova and Natexis Ventech.
FIDIS technology combines the robotics platform of BMD’s US partner Luminex (licensed to BMD) and BMD’s proprietary immunoanalysis technology. Multiple, high throughput autoimmune diagnostics tests can be carried out simultaneously on a single patient’s sample representing a breakthrough in autoimmune diagnostics, compared to labour-intensive methods involving separate tests and samples.
BMD had to meet high standards to attract first rate investors, given the economic environment. Investors wanted a proprietary and innovative technology, significant market opportunities, a strong revenue basis with growth potential, increasing International penetration as well as an experienced and committed management team.
Daniel Pierron, CEO of BMD was upbeat about building BMD’s International business, commenting that "the quality of the investors and the size of this venture round, despite the tough times, are a huge vote of confidence in our R&D, manufacturing and marketing capabilities."
Philippe Pouletty, MD of Truffle Venture, stated, on behalf of the new investors (Paul-Louis Santy of Siparex Ventures, Laure Ory-Lavollée of AGF Private Equity and Dr Alain Munoz of 123 Multinova): "BMD has achieved a technology breakthrough with FIDIS. This, coupled with the existing revenue stream, was a key factor in our decision to invest," he commented, adding that BMD’s growing European presence "clearly demonstrates the company is committed to achieve success in all the relevant market segments."
Dr Philippe Pouletty and Laure Ory-Lavollée have joined BMD’s supervisory board. In addition, Christian Policard, Institut Pasteur’s director of licensing and industrial partnerships and former CEO of Sanofi’s diagnostics division, becomes deputy chairman of the board.
Keywords : BMD Biotech Diagnostics France Investment Equity financing FIDIS™ Luminex US Commercial development Board changes
