Oxford Nanopore Raises $64 Million for Infrastructure
Oxford Nanopore Technologies Ltd., the U.K. company working to develop a portable gene-sequencer, raised 40 million pounds ($64 million) from new and existing investors in the U.S. and Europe.
The money will be used to build the company’s sales and manufacturing capacity, research and development and for other business purposes including protecting intellectual property, the closely held Oxford, England-based company said today in a statement.
The new shareholders include Odey Asset Management LLP, the London-based hedge fund founded by Crispin Odey, Oxford Nanopore said. The company’s existing shareholders previously invested 105 million pounds and include IP Group Plc (IPO), Illumina Inc. (ILMN), Invesco Perpetual and Lansdowne Partners. Oxford Nanopore also has individual shareholders, including company managers, and employees have stock options.
Chief Executive Officer Gordon Sanghera said early last year the company expected to begin selling its products by the end of 2012. The company has since faced technical delays as it has had to redesign a sensor that wasn’t performing satisfactorily.
Oxford Nanopore is developing handheld and desktop devices that use a novel technique known as strand sequencing, in which an entire string of DNA is guided by an enzyme and passes intact through a tiny hole in a cell membrane one-billionth of a meter wide.
The company was spun out of Oxford University in 2005 and its technology was initially based on research by Hagan Bayley, a professor of chemical biology at the university. Numis Securities analyst Charles Weston estimated the company’s value at $1.5 billion in a Feb. 20 note to clients.