Funds for MDx manufacture
Belgian molecular diagnostics company Biocartis Group NV has raised €55m and will use the funds mainly to expand manufacturing capacities for its PCR-based molecular diagnostics system Idylla.
Biocartis managed to secure a €40m bank and lease financing facility as well as a €15m subordinated loan. The Mechelen-based company will use the funds to finance the expansion of Biocartis’ manufacturing capacity for its Idylla diagnostics tests with a second Idylla cartridge manufacturing line that Biocartis ordered at the end of 2015. In addition, the money will refinance an existing loan of €5m and strengthen the company’s financial position to continue to execute its strategic plan.
The bank and lease financing facility was provided by KBC Bank and KBC Lease. It includes a partial guarantee by the Flemish Government through Gigarant. The new subordinated loan is provided by a consortium of Flemish investment company PMV and the Belgian Federal Holding and Investment Company (FPIM). It has a duration of five years.
The new bank facility and subordinated loan strengthen our capitalisation and will further support us in realising our ambitious growth trajectory, commented Ewoud Welten, Chief Financial Officer of Biocartis. It also underlines Biocartis’ ability to attract funding beyond equity capital markets from reputable debt financing partners that acknowledge our potential within the molecular diagnostics market.
Roald Borré, Head of Equity Investments of PMV, added: Enabling companies like Biocartis to be successful positively impacts the Belgian economy in terms of employment and growth of local knowledge. Both being elements that FPIM and PMV actively want to support.
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