Gyros raises SEK 80 million to accelerate the commercialization of its Gyrolab systems for the cost-efficient development of biopharmaceuticals

29-Jun-2009

Financing led by SLS Invest will fund Gyros to profitability

Gyros AB, the leading provider of automated micro-immunoassays for therapeutic protein development, announces that it has raised SEK 80 million (approximately €7.5m) in an equity fundraising led by SLS Invest, the Company’s leading shareholder. The new funds will enable Gyros to drive the further commercialization of its technology. This unique technology platform is rapidly gaining traction with leading pharma and biotech companies as well as CROs and CMOs focused on the efficient, accelerated development of new biopharmaceuticals. A growing list of more than 20 companies worldwide, including Merck, Medimmune, GSK, Amgen, Pfizer, Ablynx and ThromboGenics, currently benefit from Gyros’ unique Gyrolab™ systems, with an installed base of 40 systems.

SLS Invest is a leading Scandinavian life science investor and its decision to lead this funding round reflects confidence in the potential of Gyros’ automated micro-immunoassays for accelerating the development of therapeutic proteins. It also is in line with SLS Invest’s revised investment approach, which is centred on providing greater support to a smaller number of its portfolio companies. SLS Invest’s confidence in Gyros’s future success is evidenced by the fact that, following the financing, it owns an 88% shareholding in Gyros.

The financing was also supported by Industrifonden, a foundation that invests in innovative Swedish companies, which now has an 8% stake in Gyros. SLS Invest, together with Industrifonden, is committed to providing the funding needed for Gyros to achieve profitability.

Commenting on today’s announcement, Erik Walldén, CEO of Gyros, said, “I am delighted that SLS Invest has led this SEK 80 million equity fundraising. These new funds will provide the financial resources that we need to achieve profitability. Our growing customer base, centred on leading companies developing new antibody and protein therapeutics, provides us with a strong platform to build Gyros into a successful, profitable business. We are now in a position to invest in the increased commercial resources needed to market the key advantages of our unique Gyrolab systems to both existing and new customers as we seek to drive our top-line growth.”

Gyrolab is a versatile, automated analytical platform that dramatically reduces the time required to optimize and execute immunoassays. This results in increased efficiency in process development and in clinical evaluation of therapeutic proteins. Applications span the entire spectrum for immunoassays and Gyrolab is now firmly established as the preferred solution for pharmacokinetic (PK) assays in the development of therapeutic proteins.

Per Carendi, CEO of SLS Invest, said, “We are very happy to have this opportunity to invest in Gyros. Erik and his management team have mapped out an exciting future for Gyros based on the real benefits that the Company’s systems can deliver to developers of novel biotherapeutics. Given that biotherapeutics products are expected to play significant role in the growth of the pharmaceutical industry as they are used in the treatment of an ever-increasing range of diseases, we are confident of Gyros future success.”


Enquiries:
For Gyros AB

Katie Odgaard / Lorna Cuddon
Zyme Communications Ltd
Tel: +44 (0) 7787 502 947 / +44 (0) 7811 996 942
Skype: kodgaard / lorna.cuddon
Email: katie.odgaard@zymecommunications.com / lorna.cuddon@zymecommunications.com
www.zymecommunications.com


Notes to editors:
About Gyros (www.gyros.com)

Gyros AB is the world leader in utilization of microfluidic technologies to miniaturize and automate immunoassays. The GyrosTM immunoassay platform increases productivity and efficiency during development of biotherapeutics and vaccines, saving time and labor. Major biopharmaceutical companies and their service providers utilize the Gyros platform to boost time-critical workflows and meet increasing regulatory demands.

Spanning the entire spectrum of immunoassays, the platform cuts the time to result significantly. Faster development times, and unattended running of assays at nano-liter scale, save labor and sample. The ease of assay transfer between sites and from development to regulated environments is unsurpassed in the industry.

The company is based in Uppsala, Sweden and has regional sales and support offices in the USA and Europe, and a growing network of distributors.