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Electronics Production | September 12, 2005

SpinX Technologies in EUR 10 M series B financing

SpinX Technologies, a privately held provider of innovative technology to perform biological assays, announced it has secured ?10 million in a Series B financing. The round was led by Bio Fund Management, with equal participation from seed and Series A investor Index Ventures, as well as from Auriga Partners and DFJ ePlanet Ventures.
The CERN Pension Fund also participated in the financing. The funds raised will support the further development and initial commercialization of SpinX's "programmable microfluidics" platform to perform biological assays.

"We are delighted with the confidence placed in us by the new investors and by the unwavering support from our existing investor for our mission of transforming the instrumentation for biological assays," said Bart Van de Vyver, Founder of SpinX and Head of Corporate Development. The SpinX technology integrates assay preparation and readout in a single bench-top device, enabling greatly increased flexibility of experiment design. By dramatically reducing the manual work involved in setting up and performing biological assays, the technology allows scientists to concentrate on their research and healthcare practitioners to concentrate on their patients.

As part of the financing, Seppo Mäkinen, Senior Partner of Bio Fund Management, and Philippe Peltier, Partner of Auriga Partners, will become Directors of SpinX. Mir Imran, founder of Cardiac Pathways and of Percusurge, will represent DFJ ePlanet on the Board. Richard Rimer, Partner of Index Ventures, and Giuseppe Zocco , General Partner of Index Ventures, will continue to serve on the SpinX Board of Directors.

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