Lunaphore Technologies, a Swiss life-sciences company developing innovative next-generation equipment for cancer research and tissue diagnostics, announces the first closing of its Series C funding, amounting to CHF 23M.

The round was led by the Japanese strategic investor PHC Holdings Corporation (hereafter, PHCHD), a global healthcare company that owns Epredia, a leading provider of comprehensive solutions for precision cancer diagnostics.

The closing of the oversubscribed round was finalized on January 15, 2020. Existing investors including Redalpine Venture Partners, OCCIDENT and Alpana Ventures have also participated in this financing round.

“We are thrilled by the confidence placed in Lunaphore by our existing investors as well as the new ones in this financing round. The interest of global players in healthcare, like PHCHD demonstrates the relevance and added value of Lunaphore’s technology and confirms its high potential to transform the field of tissue analytics” said Ata Tuna Ciftlik, Lunaphore’s CEO, and added “We’re one step closer to fulfilling our vision of enabling highly sophisticated new-generation tissue analytics tests with our unique automation capabilities. The expertise and rapidly expanding network of the PHC Group and the specialist knowledge of the anatomical pathology field at Epredia will both help us gain scale and speed in this process”.

Lunaphore will invest the proceeds of Series C funding in market and product expansion. This includes a US market entry, the ramp up of activities in Europe and the development of next generation of instruments.

“We are delighted that PHCHD has invested in one of the most exciting players in tissue staining” said James Post, President of Epredia, a PHC Group portfolio company. “We believe that their technology has the potential to help revolutionize tissue analytics and greatly improve the workflow for pathologists and immuno-oncology researchers. We look forward to working together with Lunaphore to further develop their highly innovative solutions and bring them to market to help further enhance cancer research and diagnostics.” Mr. Post has joined Lunaphore’s Board of Directors as part of the transaction.

“This investment is a strong strategic fit for PHCHD, as we look to invest further in our diagnostics business,” explained Michael Kloss, President and CEO of PHCHD. “Lunaphore’s tissue staining products complement the portfolio we currently have in Epredia and we believe there is a strong opportunity for growth in their business.”

Epredia was created in June 2019 following the acquisition of Thermo Fisher Scientific’s Anatomical Pathology business by PHC Holdings Corporation. Epredia’s portfolio includes microscope slides, instruments and consumables and they are committed to providing high quality products and services to enhance precision cancer diagnostics.

Source: Company Press Release