Biosystems International has received venture capital amounting to 3.5 million Euros ($4.6 million) from VC-funds managed by SGAM AI, a major Pharmaceutical Company in Central Eastern Europe, and private investors. The company will employ these funds to foster research and development of lung, colon, and breast cancer diagnostics to be marketed in 2010.

The signing of the investment agreement represents one of the biggest VC deals in the diagnostics research sector within this year. “BSI SAS and its investors pursue a long-term and lasting investment strategy. The renewed commitment strengthens our status as innovator in the field of cancer diagnosis,” said Jean-Pierre Tirouflet, Chief Executive Officer of Biosystems International. Laszlo Takacs, Chief Scientific Officer added: “Benchmarks, preceding the financial agreement, demonstrated the company´s potential as a market leader in the field of monoclonal antibody based cancer diagnostics”.

“The decision to follow our investment in Biosystems International is based on the recent technology validation success. We are now entering in the diagnostic product development phase for early cancer diagnosis. This phase corresponds to a significant increase in value, since Biosystems is targeting cancer indications with particularly high unmet medical need. We are very pleased to have received validation of this strategy by a pharmaceutical partner” explained Jean-Yves Nothias from SGAM AI.

“We are excited to expand our endeavors to the diagnostics field, investment into Biosystems International and the purchase of first refusal rights for the distribution of BSI’s cancer diagnostics on our market is one of the first moves to achieve our long term goal” added the Business Development Director of the pharmaceutical company.

Source: Business Wire