ATP, the Danish Growth Fund and the C. L. David Foundation and Collection are among the new investors. The increased capital commitment is an essential part of the company’s growth strategy within the field of tissue diagnostics- and research software for cancer.
Visiopharm A/S, is developing software for tissue based cancer diagnostics, based on image analysis that integrates precision- and high-throughput pathology in diagnostic workflows. ATP is investing DKK 45 million, the Danish Growth Fund is putting in DKK 20 million and the C. L. David Foundation is financing with DKK 15 million. In addition, the existing investor Northcap Venture Partners has invested a further DKK 15 million. The remaining investment is supplied by smaller shareholders/owners. In addition to the investors, the owners moving forward will thus be comprised of the founders, Michael Grunkin and Johan Doré Hansen, as well as a number of smaller shareholders. The investment is the basis for further international growth.
Strong concept with growth potential
Visiopharm was founded by Michael Grunkin and Johan Doré Hansen in 2001 and currently has approx. 55 employees, with headquarters north of Copenhagen and subsidiaries in Sweden, United Kingdom, and in the United States. Visiopharm is primarily selling its core software products for cancer tissue diagnostics and research, but also third-party hardware such as digital slide scanners. Customers are primarily hospitals and major pharmaceutical companies.
“We have a healthy business with great potential for further growth, which we now have the opportunity to further develop with very strong Danish investors backing us. With our financial advisor, Vator Securities, we have spent the past year exploring the best possible way forward to ensure continued growth of Visiopharm. The solution we have found is very robust and will provide us with the best possible foundation for creating new international growth and establish the company’s solution as the preferred option for cancer- diagnostics and research.” says CEO of Visiopharm, Michael Grunkin.
Aiming for international growth
With the new capital, the company can now accelerate both product and market development, which are important steps in the plans for also accelerating its international growth.
“Today, the international top-tier pharmaceutical companies are using our research software platform for various aspects of their drug development activities. The majority of Danish pathology labs are currently implementing and using our diagnostic software platform for breast cancer, with rapid adoption in Sweden, Norway, Finland and in the UK. For people who depend on tissue data for important diagnostic-, business-, or research decision it is a very powerful value proposition that we can significantly improve both accuracy and throughput with our software.” says CEO of Visiopharm, Michael Grunkin.
From ATP the capital commitment is based on both Visiopharm’s ability to run a business and the positive outsight for developing the company even further.
“We see Visiopharm as a very interesting Danish high-tech company that already for years has demonstrated a solid commercial development. Furthermore, Visiopharm has an attractive investment profile based on the growth opportunities in relation to both products and markets.” says Claus Berner Møller, VP for Danish Shares in ATP.
The Danish Growth Fund also has high expectations for Visiopharm’s future development.
“We have invested in a company with a strong team, a solid long-term strategy and a product with a huge international potential. Visiopharm’s excellent growth opportunities, exciting technology and strong anchoring in Danish life sciences situate the company in the target group for the Growth Fund’s investments. The possibility of a later IPO in Denmark and thus an even stronger Danish anchoring further adds to our support for the company.” says Rolf Kjærgaard, Chief Investment Officer, Danish Growth Fund.
For further information, please contact:
Charlotte Bøggild, Marketing Director at Visiopharm: +45 51 55 50 10, chb@visiopharm.com
Peter Bruun, Head of Communication and CSR, Danish Growth Fund: +45 40 81 35 46, pbr@vf.dk
Robert Neimanas, ATP Media Relations: + 45 93 94 02 05, rne@atp.dk