SpinChip Diagnostics receives NOK 115 million ($10.95M) investment from bioMérieux

SpinChip Diagnostics (“SpinChip” or the “Company”), a pioneering diagnostics company developing a next-generation point-of-care platform for in vitro diagnostics, announces that bioMérieux, a world leader in the field of in vitro diagnostics, has invested NOK 115 million in SpinChip. As a result of this transaction and depending on the outcome of further fund-raising activities undertaken by SpinChip, bioMérieux will hold between 17 to 20 percent of the share capital of SpinChip making bioMérieux the second largest shareholder in the Company.

SpinChip has developed a game-changing in vitro diagnostics platform. The platform can deliver accurate and reliable diagnostics results within a few minutes from a droplet of blood even for the most advanced tests by utilizing a small desktop Analyzer and test cartridges. The SpinChip platform is equipped to perform a broad range of tests while providing ease-of-use and sampling without requiring maintenance.

The first commercially available test will be a high-sensitivity cardiac troponin I (hs-cTnI) test, which aids in the diagnosis of acute heart attacks and will be followed by other cardiac and sepsis assays. The hs-cTnI test will improve the ever-growing challenges of overcrowded emergency departments and triaging by providing reliable results in 10 minutes compared to lab tests that can take more than 1 hour. This will, in turn, lead to faster and more effective treatment of patients experiencing acute heart attacks.

Proceeds from the investment will be used to cover all external and internal clinical costs relating to the hs-cTnI test, in parallel with the continued development of other cardiac and sepsis tests. In addition, SpinChip aims to develop a demonstrator for a high-sensitive multiplex cartridge that will deliver three simultaneous test results and in parallel scale up the production capacity of cartridges and Analyzers.

SpinChip is now set to conduct clinical performance studies to gather sufficient data before applying for CE-marking. SpinChip plans to launch and commercialise its first product by the end of 2025.

ABG Sundal Collier and Carnegie Investment Bank acted as advisors for the transaction.

Morten Jurs, Chief Executive Officer of SpinChip Diagnostics ASA, commented: “We are thrilled to welcome bioMérieux as a main shareholder in SpinChip. This investment enables SpinChip to execute each stage on the path to commercialisation in 2025. We look forward to collaborating with bioMérieux as we enter an exciting time for the business.