Lunaphore Technologies SA, a Swiss medtech firm developing innovative next-generation devices for cancer tissue diagnostics*, announces closing of CHF 5.3M in Series B funding. Together with the CHF 6M convertible loan injected to the company in October 2017, the overall financing round amount has reached CHF 11.3M.
The closing of the oversubscribed round was finalized in August 2018. In addition to existing investors, new funds participating in this round include Occident Group, Zürcher Kantonalbank, as well as investment funds from Asia, Switzerland and United Kingdom. The investment will enable CE marking of Lunaphore’s products and support product launch.
Lunaphore’s CEO, Ata Tuna Ciftlik, said: “Following the announcement of partnerships in the last months, Lunaphore’s standing as a key and enabling technology in the tissue diagnostic market has been validated one more time with this oversubscribed financing round. Our management team is thrilled by the investors’ confidence and interest”.
Cédric Barra, Investment Manager at Occident Group, who already participated in the previous convertible loan and has been closely following the successful progress of the company, commented: “With the latest financing, Lunaphore took a large step forward towards the commercialisation of its products. Furthermore, we are highly convinced that this revolutionary technology will soon have a major impact for the whole market landscape of tissue diagnostics”.
The funding will be used to enhance the market launch and drive market adoption of the first Lunaphore products*, a precision medicine solution that performs ultra-rapid immunostainings and holds the potential to improve patient outcomes. Daniel Schoch, head of Start-up Finance at Zürcher Kantonalbank, explained: "Lunaphore is an excellent investment opportunity for us and is well in line with our strategy to extend our footprint into Western Switzerland. We are excited to support this innovative company in their goal of bringing this breakthrough technology to the market”.
Michael Sidler, Partner at Redalpine Venture Partners and Board member of Lunaphore, added: "The fantastic Lunaphore team has delivered yet again and reached all milestones paving the way for the market launch of a next generation of tissue diagnostics in the coming months. Redalpine is proud to be part of this story.”
*Lunaphore’s prototype is still in development and not for sale