Polish biotech Genomtec raises €2.9M from share issue

The Wroclaw-based Genomtec, a technology company operating in the field of clinical diagnostics, has raised €2.9 million round of funding from the issue of 1,637,000 shares. The investment will allow developing and certificating the Genomtec ID diagnostic platform.

• Established in 2016, Genomtec conducts research and development activities, as well as commercialization of its molecular diagnostic products in the area of optical systems and isothermal nucleic acid amplification methods. The company’s project is Genomtec ID. It will allow the diagnostic process to be executed in a point of care setting without the need for complicated and time-consuming laboratory workflow conducted by qualified personnel. 
• Genomtec headquartered in Wroclaw and has an office in the United Kingdom. To review the strategic options, Genomec cooperates with a transaction advisor, the NY-based Clairfield Partners LLC.
• As part of the issue of 1,237,000 Series M shares and the planned issue of 400,000 shares from the authorized capital, investors will acquire a total of 1,637,000 Genomtec shares, thus, the company will receive €2.9 million. 
• The investment will allow accelerating the development, validation, certification and production scaling of the Genomtec ID diagnostic platform.