Lab21 closes funding round of 2.2 Million pound
By siliconindia   |   Friday, 26 December 2008, 23:16 IST
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Cambridge: Lab21, a specialist diagnostic services and products healthcare company has closed a 2.2 million pound financing round from international private equity investors. The new funds will be used to progress its acquisition plan and to establish its U.S. operations in South Carolina to expand its presence in the North American market. Graham Mullis, CEO of Lab21 said, "Given the difficult financial markets of the past 6 months, this support for Lab21 from new investors is a significant endorsement to the growth strategy of the company. With new capital, we anticipate closing a number of company acquisitions. This investment will also allow Lab21 to commence its expansion plans overseas". Nexus Medical Partners, based in Boston and South Carolina, U.S. and Rowan Dartington of the UK has joined Merlin Biosciences and Kreos capital as shareholders. Maddy Kennedy, CFO Lab21 explained, "These investors understand healthcare markets and diagnostics specifically. Merlin Biosciences, now part of the Excalibur Group have continued to support Lab21 and advised the Company with this finance round." Jonathan Beatson-Hird, Managing Director of Rowan Dartington and also fund manager for the Isambard Fund, said, "Our strategy has been to build our investment portfolio around three sectors, one of which is the In vitro diagnostics market. This is a dynamic industry displaying strong defensive characteristics." The Company did not reveal details of its acquisition plans and U.S. market strategy but expects to complete two European company acquisitions during the first half of next year.

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