Life science instrumentation and genomics company Single Technologies has announced the completion of a heavily oversubscribed SEK 15M convertible bond issue. JOVB Holding acted as lead investor and the funds will be used to accelerate development of the company’s high throughput DNA sequencing platform Theta.
Single Technologies aims to deliver a paradigm shift in biomolecular analysis with Theta by removing the current limitations of imaging and microfluidics and ensuring true economy of scale in the generation of DNA sequencing data. This would enable the healthcare industry to achieve predictive and prescriptive solutions within DNA data generation and realize the true potential of precision medicine.
The company was founded in 2014 following several years of research into single molecule imaging and biotechnology applications at the Royal Institute of Technology (KTH) in Stockholm, combined with R&D in the fiber optical grating industry by the founders of the fiber optical company, Proximion.
“We are very pleased about the strong interest in the convertible bond issue and it’s a major vote of confidence to have someone like Jens Von Bahr of JOVB Holding, with his strong track record in building companies, investing in our company. Single Technologies’ solution will enable faster and more cost-efficient sequencing of DNA in various types of samples. With the new capital we can further develop our Theta technology and with the next capital raise, which is planned before the summer, we believe we are capitalized to launch a solution that will revolutionize Next Generation Sequencing.” Commented Johan Strömqvist, CEO Single Technologies.
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