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HiberGene Closes First Tranche of Series B Financing €1.5 Million Raised from Private Investors

Dublin, Ireland | 19 January 2016

HiberGene Diagnostics, a company focused on the application of molecular technology to infectious disease testing, has raised a first tranche of €1.5 million as part of a total Series B fundraising of approximately €3.5 million.

The €1.5 million comes from a number of undisclosed private investors in Ireland, and was mainly raised through the Irish Employment and Investment Incentive (EII) scheme.

The funds raised will be used to develop and commercialise tests for Group B Streptococcus (GBS), Clostridium difficile and Norovirus, all of which will be launched in 2016. These tests follow the successful 2015 launch of HG Meningococcus, a rapid molecular test for bacterial meningitis, and the HG SWIFT, a convenient and easy to use platform for running the company’s growing portfolio of diagnostic tests for human infectious diseases.

Brendan Farrell, Chairman & CEO of HiberGene, said: “This first tranche of HiberGene’s Series B fundraising will underpin the continuing expansion of our international distribution network and the launch of a further three products in 2016. The first of these products, GBS, meets a significant unmet clinical need in facilitating rapid and accurate testing of pregnant women for this potentially devastating infection. The presence of GBS infection in women during childbirth can cause significant health issues for newborn infants, including a mortality rate of up to 9% for those infected. With our meningitis test now launched, and three further products to be released in 2016, HiberGene is making significant progress towards developing a portfolio of rapid, easy to use and accurate tests for a range of human infectious diseases.”

The close of this tranche of the Series B financing follows a number of significant developments for HiberGene in 2015. This includes HiberGene closing a Series A financing of €2.1 million, which allowed the company to launch its first molecular diagnostic test, HG Meningococcus, and its instrument platform, HG SWIFT. In addition, the company made a number of key appointments and moved into new facilities.

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