AdvanDx Closes $8 Million Financing Round and Elects New Board Member
WOBURN, Mass. and VEDBAEK, Denmark, Aug. 18 AdvanDx today announced it has closed another $8 million in financing from existing stockholders, SLS Venture and LD Pensions. The additional investment is part of a series C round of financing, the first part of which was closed in September 2007, and will be used to fund the expansion of AdvanDx's molecular diagnostics product offering as well as its international sales and marketing activities.
In addition to the financing, stockholders elected Tina W. Christensen to AdvanDx board of directors. Ms. Christensen is a Vice President and CFO at the Danish health insurance company "danmark" which specializes in providing 2 million Danish citizens with supplemental health insurance to the Danish National Health Service.
"We continue to see increased adoption of our clinical diagnostic products and this latest financing will enable us to add new tests to our product portfolio and to continue to expand our customer base. We greatly appreciate our investors' strong commitment to AdvanDx and our future," said Thais T. Johansen, President and CEO of AdvanDx. "We also very much look forward to Tina W. Christensen's participation on our board of directors and the experience she brings from the health care and health insurance industry," Johansen continued.
AdvanDx is a leading provider of advanced molecular diagnostic products for the prevention, diagnosis and treatment of life-threatening, bacterial infections. AdvanDx's easy-to-use products provide fast and accurate results that enable dramatic improvements in patient care and help to save lives and reduce hospital costs.
AdvanDx's products employ standard laboratory techniques and equipment to reduce startup, implementation, technician and maintenance time, while providing fast results without sacrificing accuracy. Major medical centers, reference labs, government institutions and community hospitals throughout the United States, Europe and Asia rely on AdvanDx products as integral parts of their medical care.
For more information visit www.AdvanDx.com
About Scandinavian Life Science Venture
SLS Venture, an international venture capital company with a Scandinavian base is one of the largest in Scandinavia focusing on the life sciences sector with approximately euro 270 million under management. SLS Venture has invested in 36 pharmaceutical, medtech and biotech companies to date. Portfolio companies include Aerocrine, Exiqon, Symphogen, Light Sciences Oncology and NeuroNova.
For more information, please visit www.slsventure.com
About LD Pensions
LD Pensions is one of Denmark's largest pension funds with more than US$10 billion under management. LD Pensions has a long-term and highly selective investment strategy. Investments made in unlisted companies are based on a fundamental analysis of the opportunity with an objective to hold the investment for a minimum of 3-5 years in order to position the company for a strategic sale or stock exchange listing. It is important for LD Pensions to demonstrate a high discipline of active ownership with respect to corporate governance, information policy and the ability to meet the requirements and expectations from the surrounding society in terms of responsible environmental management and social responsibility.
For more information please visit www.ld.dk
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