News
Capricorn leads £ 4.5 million investment in Alaska Food Diagnostics Ltd.
25.08.2008 - Funding to accelerate commercial roll-out of revolutionary fastrAK™ pathogen detection technology
Porton Down, UK fastrAK™, the revolutionary pathogen detection technology from Alaska Food Diagnostics Ltd (AFDL), has attracted over £ 4.5 million investment from a European and London based syndicate comprising Capricorn Venture Partners, ICOS Capital, Quest for Growth and Richmond Park Capital, and advised by Andeman Plc.
The additional funding will allow AFDL to accelerate the introduction of its ground-breaking fastrAK™ technology and expand its operations to maximise market penetration.
“The past few months have been a very exciting period for the Company with a number of international partnerships signed, and the first sales of the fastrAK™ instrument to customers” said CEO Laurence Callow. “The benefits of the fastrAK™ pathogen detection technology to the food processing and food safety testing sectors has been demonstrated by a number of development partners, and the license to operate has recently been extended by Dstl to include many other exciting new areas”.
Claude J. Stoufs, Senior Investment Manager at Capricorn Venture Partners states: "The demand for products that can help food processors ensure that their products are safe has grown significantly in the wake of a number of high profile food recalls and scares worldwide. In the US, alone, the CDC estimates that there are approximately 76 million cases of illness from pathogens in food each year, resulting in 325,000 hospitalizations, 5,000 deaths and a huge cost to the economy. We are very pleased to have invested in Alaska Food Diagnostics Ltd, a Company bringing on the market ultra-rapid instrument systems and assays for the detection of pathogens in food, beverages, water and treated waste at a significantly lower unit price per test than the current rapid products. In addition, in collaboration with a Dutch company, the development of pathogen diagnostics in animal blood and food matrices, should position the Company as a clear technology leader in the area of pathogen detection".
Capricorn Venture Partners NV acted as lead investor, and Icos Capital Management BV as co-lead investor. The total investment is over GBP 4.5 million, of which up to GBP 1.0 million will be invested in a Dutch BV.
The Capricorn Venture Partners-led syndicate joins existing investors Porton Capital and Ploughshare Innovations Ltd.
