Sphingotec Raises €20 Million In Growth Equity Funding

Sphingotec GmbH, which is a Hennigsdorf, Germany-based diagnostics company, today in a report has announced that they have closed a €20m growth equity financing.

The round was led by some of the leading investor which includes the HBM and Wellington Partners. As part of the financing, Dr. Matthias Fehr, Investment Advisor at HBM Partners and Dr. Rainer Strohmenger, Managing Partner at Wellington Partners, Dr. Ute Kilger, Partner at Boehmert & Boehmert, Dr. Method Miklus, former COO of B.R.A.H.M.S and Dr. Gerald Möller, former CEO of Boehringer Mannheim will join sphingotec’s Board.

The company as of has a plans to use the funds to roll out the fully automated IB 10 point-of-care (POC) platform for testing of a broad panel of acute blood biomarkers.

The company which is founded by Dr. Andreas Bergmann in 2002 by Dr. Andreas Bergmann, CEO, sphingotec is developing and marketing innovative biomarkers penKid® and bio-ADM® for prediction, diagnosis and therapy monitoring of AKI, congestive heart failure and septic shock, as well as the Nexus IB10 POC testing immunoassay platform acquired from Samsung-subsidiary Nexus Dx Inc. in May 2018.

In addition, the company is developing a pipeline of novel biomarkers which can predict the risks of obesity, breast cancer and cardiovascular diseases.

As of now, there are more than 1,000 intensive care units (ICUs), emergency departments, smaller hospitals and larger practices in Europe and the Middle East are using sphingotec’s platform on a regular basis with more than 100,000 tests performed per year.

“We are delighted to have gained the support from HBM and Wellington Partners, which enables us to bring our innovative biomarkers much faster to ICUs and emergency departments, where they can support decision-making in diagnostically underserved conditions such as septic shock, acute heart failure and acute kidney injury,” said Dr. Andreas Bergmann, CEO and founder of sphingotec GmbH. “Starting in Central Europe, a growing distributor network will allow the timely introduction of a complete solution for the hospital acute point of care market in AKI, AHF and sepsis diagnosis and monitoring.”

“Sphingotec’s acute biomarker tests target a global multibillion Euro market opportunity in a field of high unmet medical need. We are convinced that the company’s biomarker portfolio has the potential to significantly improve decision making in acute settings,” commented Dr. Matthias Fehr, Investment Advisor at HBM Partners.

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