SpinChip® Secures NOK 130 million (€13.5 Million) in Financing Round

• The financing round will support further development of SpinChip®’s proprietary point-of-care in vitro diagnostics platform
• SpinChip® is now preparing for design verification and validation, CE-marking and market entry

OSLO, Norway, June 29, 2021 (GLOBE NEWSWIRE) -- SpinChip Diagnostics AS, a pioneering, diagnostics company developing a next-generation point-of-care platform for in vitro diagnostics, today announced the completion of its financing round, successfully securing NOK 130 million (€13.5 million).

Carnegie Investment Bank Norway acted as Sole Bookrunner on SpinChip®’s NOK 130 million (€13.5 Million) private placement. Alongside new cornerstone investors such as Kistefos AS, the financing round was also well supported by existing shareholders.

The proceeds from the financing round will be used to further advance SpinChip®’s proprietary point-of-care (POC) in vitro diagnostics platform in addition to establishing a pilot- and full-scale manufacturing plant to prepare for market entry.

The SpinChip® proprietary diagnostics platform, consisting of the SpinChip® Analyser and assay-specific cartridges, is built on microfluidic technology in combination with nanotechnology-based cartridge assays. The platform is aimed at providing patients and healthcare professionals with a tool that only requires one droplet of blood to provide highly accurate results within minutes, next to the patient.

The diagnostics platform has through internal trials already proven to match the most advanced high-sensitive laboratory diagnostic analysers, meaning it can contribute to faster reliable triaging and facilitate earlier onset of appropriate treatment of patients. SpinChip® is now preparing for clinical trial activities, including clinical performance studies, to gather sufficient data to apply for CE-marking, with its first diagnostic offering being within the acute cardiac segment.

Morten Jurs, Chief Executive Officer of SpinChip Diagnostics AS, commented:“We are very pleased to have successfully completed the NOK 130 million private placement and are delighted to welcome several new investors to SpinChip®, alongside with strong support from existing shareholders. With this financial backing, we will be able to take the platform into the next stage of development to eventually apply for CE-marking whilst we are preparing for market entry.”

Stig Morten Borch, Founder and Chief Scientific Officer of SpinChip Diagnostics AS, added:“SpinChip®’s platform represents the future of POC testing and we are delighted to get additional financial support to further advance the platform at this exciting time for the business.”

Contact information:

Morten Jurs, Chief Executive Officer
E-mail: mj@spinchip.no
Phone: +47 991 67 922

Stig Morten Borch, Founder and Chief Scientific Officer
E-mail:smb@spinchip.no
Phone: +47 905 28 151

About SpinChip Diagnostics AS

Representing the future of point-of-care testing, SpinChip® Diagnostics was founded in Norway in 2012. SpinChip®’s proprietary platform is focused on in-vitro diagnostics (IVD) to develop diagnostic tests for acute and chronic cardiac indications where test results are rapidly needed to provide patients with life-saving treatments. The platform is based on microfluidic technology in combination with nanotechnology-based cartridge assays, which together can relay test results as accurately as high-sensitive laboratory diagnostic machine within minutes, with only one drop of blood.

Visit Spinchip Diagnostics — Next-generation point-of-care platform for more information.

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