Canada-based diagnostic test developer GenePoc secured tens of millions of dollars on Tuesday from its parent company, biopharmaceutical conglomerate Debiopharm.
The deal also includes a commitment by Debiopharm to invest several million Swiss francs (SFr1m = $1m) in its Valais, Switzerland facility to establish a production line for components needed for GenePoc’s tests.
Founded in 2007, GenePoc is developing rapid diagnostic tests that deliver results within an hour. It is initially focusing on pathogenic bacteria and antibiotic resistance markers but hopes to later extend the technology to also detect viruses.
GenePoc expects to commercialise its platform in Europe this autumn, followed by the US and Canada in 2017. The technology is based on research conducted by Michel Bergeron, director and founder of the Infectious Disease Research Center at Université Laval.
Debiopharm previously led a funding round of undisclosed size for GenePoc in January 2015 that included venture capital fund Emerillon Capital. In July 2016, Debiopharm purchased Emerillion’s shares and fully acquired GenePoc.
Patrice Allibert, chief executive of GenePoc, said: “This investment is a strong sign of Debiopharm’s confidence in GenePoc, and will allow us to tackle the next key steps on the road to commercial success in the best possible conditions.
“There is a good synergy between the menu GenePoc will develop and Debiopharm’s strategy and this will allow us to become a major player in the area of point of care molecular diagnostics for infectious disease, and also create a large number of new jobs.”