Protagen, a Germany-based developer of diagnostic tests for autoimmune diseases, has reached the €10m ($12.3m) first close of a round backed by diagnostic technology provider Qiagen.
Qiagen, which participated in the round as a new investor, joined existing backers MIG Fonds, NRW.Bank, and members of Protagen’s management. Protgen has now raised €23.7m across its last three rounds, and its past investors include KfW and seed specialist S-Capital.
The round follows the singing of an agreement last month for Protagen and Qiagen to accelerate marketing of SeroTag, Protagen’s diagnostic development platform for autoimmune disorders. The round’s second close is planned to take place in the third quarter of 2015.
Stefan Mellner, chief executive of Protagen, said: “The financial investment will enable Protagen to complete and commercialise its current [in vitro diagnostic medical device] development programs in rheumatoid arthritis, systemic lupus, and systemic sclerosis.
“In addition, it will strengthen our position for furthering our partnerships with pharma and biotech companies in one of the most attractive drug development areas.”
– Photo courtesy of Protagen Diagnostics AG