19/06/2012 - Oxford Immunotec raises $28m to accelerate commercial sales ramp
Oxfordshire UK [Marlborough, MA]; June 18th, 2012
Oxford Immunotec, a medical diagnostic company developing tests in the fields of infectious and immunological disease, announced today that it has raised a total of $28m in a new equity financing.
The round was led by new investors Imperial Innovations and Invesco Perpetual and supported by existing shareholders, including Clarus, New Leaf, DFJ Esprit, Wellington, SPARK Ventures, the Dow Chemical Company, NTEC, Kaiser Permanente Ventures and the University of Oxford. Oxford Immunotec has now completed five institutional funding rounds totalling approximately $110 million since its establishment in 2002.
The proceeds from this financing will be used to expand sales & marketing of Oxford Immunotec’s lead product, the T-SPOT®.TB test for diagnosing latent TB infection, as well as for the development and commercialization of new products focused on infectious and immunological disease.
Susan Searle, Chief Executive Officer, Imperial Innovations, said: “Oxford Immunotec is a well-run, high-growth company in an exciting space. This funding provides it with the capital to expand its operations in key markets and enables a UK university spin out to become a truly multinational business.”
Dr. Peter Wrighton-Smith, Chief Executive Officer, Oxford Immunotec commented: “This $28m funding exceeded our funding goal and is further validation of the market opportunity we are pursuing, the strength of our lab-based US business model and our early progress in penetrating that market. This funding will help us to expand sales & marketing at a faster rate, to penetrate new geographies and to accelerate the development and commercialization of other assays for our expanding customer base.”