PRESS RELEASE – SpinChip Secures NOK 65.4 million in Financing Round
The financing round finances the design verification and sample comparison study as well as a retrospective study with 3,600 frozen patient samples. The proceeds will also finance further development of new assays as well as the start of clinical trials, ISO 13485 certification and other operating expenses.
Oslo, Norway, 25 April 2023 — SpinChip Diagnostics AS, a pioneering diagnostics company developing a next-generation point-of-care platform for in vitro diagnostics, today announced the completion of its financing round, successfully securing NOK 65.4 million.
Carnegie Investment Bank acted as Sole Bookrunner for SpinChip’s NOK 65.4 million private placement. Alongside a new cornerstone investor, the financing round was well supported by existing shareholders.
The proceeds from the financing round will be used to further advance SpinChip’s proprietary point-of-care (POC) in vitro diagnostics platform and prepare for a CE mark in 2025.
The SpinChip proprietary diagnostics platform, consisting of the SpinChip Analyzer and assay-specific cartridges, is built on microfluidic technology in combination with nanotechnology-based cartridge assays. The platform is aimed at providing patients and healthcare professionals with a tool that requires only one droplet of blood to provide highly accurate results within minutes, next to the patient. A main differentiating factor is best-in-class ease of use for the care provider and a patient-friendly diagnostic experience.
The diagnostics platform has, through internal trials, already demonstrated the ability to match the most advanced high-sensitive laboratory diagnostic analyzers, meaning it can contribute to faster reliable triaging and facilitate earlier appropriate treatment of patients. SpinChip is now preparing for clinical trial activities, including clinical performance studies, to gather sufficient data to apply for CE-marking. Its first diagnostic offering is the high-sensitivity Troponin test for the acute coronary syndrome segment.
Morten Jurs, Chief Executive Officer of SpinChip Diagnostics AS, commented: “We are very pleased to have successfully completed the NOK 65.4 million private placement and are delighted to welcome several new investors to SpinChip, alongside strong support from existing shareholders. With this financial backing, we will be able to take the platform into the next stage of development to eventually apply for CE-marking and market launch.”
Stig Morten Borch, Founder and Chief Scientific Officer of SpinChip Diagnostics AS, added: “SpinChip’s platform represents the future of POC testing and we are delighted to get additional financial support to further advance the platform at this exciting time for the business.”
Morten Jurs, Chief Executive Officer
Phone: +47 991 67 922
Hamed Brodersen, Chief Financial Officer
Phone: +47 404 68 110
About SpinChip Diagnostics AS
Representing the future of point-of-care testing, SpinChip Diagnostics was founded in Norway in 2012. SpinChip’s proprietary platform is focused on in vitro diagnostics (IVD) to develop diagnostic tests for acute and chronic cardiac indications where test results are rapidly needed to provide patients with life-saving treatments. The platform is based on microfluidic technology in combination with nanotechnology-based cartridge assays, which together can relay test results as accurately as high-sensitive laboratory diagnostic machines within minutes, from only a fraction of a droplet of blood.
Visit www.spinchip.no – Next generation point-of-care diagnostics