Investor secures substantial funding

Main investor secures substantial funding to support further development of company. Norsk Innovasjonskapital (NIK - previously Akershus Teknologifond), the major shareholder of Genetic Analysis AS (GA), has closed its financing round of NOK 150 million (approx. EUR 20 mill/USD 27 mill).  The fund will be used to build up the 11 companies that constitute the portfolio of NIK. GA is one of the major companies the fund is investing in.

“We are happy to have secured this financing, which ensures our continued commitment to support GA in its effort to become a world leader within analysis of gut imbalances”, says Dag Terje Rian, a partner in NIK, and Board member of GA. “We experienced a high interest in our portfolio of companies, and especially the potential of GA was a driving force in helping us secure the funding. We actually received more interest than our goal, which leads us to prepare to set up a second fund”, continues Mr. Rian.

“The successful completion of the funding for NIK is a very important milestone for GA, since it means that we can continue to think long term in building up the company”, comments Dr. Morten Isaksen, CEO of GA. “Being a small, innovative company, that in addition has secured funding for further development of the technology and company is a luxury not all startup biotech companies have. We are excited to continue to develop our pipeline and strengthen our position in the market”, continues Dr. Isaksen.
Norsk Innovasjonskapital is part of the TeleVenture umbrella, one of the most successful investment companies in Norway.

Genetic Analysis AS offers a unique, proprietary technology for profiling the gut microbiota, and correlating various bacterial profiles to different health conditions. The company was established in 2008, and started operations in 2009. The company is currently located at the BioIncubator located at the vicinity of The Norwegian University of Life Sciences, Ås, just outside Oslo, Norway.