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ViroGates Oversubscribes 3 Times Its Latest Private Round

ViroGates announced today the closing of a financing round of DKK 5 million, backed primarily by business angels. Since the completion of its suPARnosticTM kit - a first of its kind product to predict the development of HIV infection - the company has been on the receiving end of considerable attention from both foreign and domestic venture capital investors. Earlier in May, the company's decision to open up a nominal round of financing was met with strong board approval, as the funding would be primarily used to ensure the successful launch of the suPARnosticTM kit in South Africa, while seeking an appropriate venture deal.

The current private investment round demonstrates continued support from the company's previous investors, as well as strong backing and interest from new private investors. The round was characterized by a significant oversubscription of capital, to which the company exercised its decision to limit the financing round to only a third of the original amount pledged. 'We believe we are a very interesting company with much to offer, and it's nice to see that others feel the same way' says Ian Laquian, CEO, ViroGates. 'The current investment not only secures operations for a lengthy period of time, but also allows us some flexibility in choosing the right venture partner.' ViroGates now seeks to raise a venture backed round of DKK 20-30 million to expand the company globally, develop and commercialise other pipeline products, and not least to begin the process of IPO investigations.

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ViroGates A/S
+45 41 61 35 57

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