Novacyt earns new investment ahead of entry to new markets

Novacyt has announced a new private equity capital investment of 3.1 million euros (2.44 million pounds) to support its ambitious growth plans.

The company is aiming to maintain the increased momentum generated by its merger with Lab21 earlier this year by expanding the availability of its proprietary next-generation cytology platform NovaPrep to new markets, including China and the Far East, in 2015.

This fresh injection of funds will be supplied by new institutional investors including Alto Invest, which co-invested in the round alongside other new and existing Novacyt investors. Backers will receive 744,004 new Novacyt shares, which were submitted to the Alternext Paris.

Additionally, the finance will support the development and commercialisation of molecular diagnostics for infectious diseases, starting with the launch of new products used to diagnose the fungal infections Aspergillis and Pneumocystis.

Graham Mullis, chief executive officer of Novacyt, said: "While it is only five months since the merger between Novacyt and Lab21, I am delighted with the strong progress that is being made across the business."

Novacyt currently operates in France, the UK, China and Australia, with its distribution network covering more than 100 countries. It has become an emerging diagnostics sector leader following the Lab21 takeover.