Oxford Nanopore Technologies raises $28M in new funding

Oxford Nanopore Technologies Ltd., a privately held company that is developing a disruptive technology platform for the electronic, label-free analysis of single molecules, today announced that it has raised £17.4 million ($28 million) in new funding.

“This new investment recognises our progress in 2009 and highlights the potential impact of our nanopore-based sensing platform. We are delighted to have strong support from our existing shareholders and this important vote of confidence from new ones.”

The round was funded by existing investors including Lansdowne Partners, IP Group and Invesco Perpetual, new undisclosed US institutions and the Company’s DNA sequencing marketing partner Illumina UK Ltd. The Company has previously raised £32 million since its formation in 2005.

The proceeds will be used for accelerated development of the Company’s proprietary platform technology, which uses real-time electronic measurement of current through small holes (nanopores) to identify molecules of interest as they interact with the nanopore.

In addition to the development of the core platform technology, funding will be directed to the Company’s lead project in DNA sequencing and to start early work in protein analysis. Both projects utilise common elements of this modular platform.

“This new investment recognises our progress in 2009 and highlights the potential impact of our nanopore-based sensing platform. We are delighted to have strong support from our existing shareholders and this important vote of confidence from new ones.” said Dr Gordon Sanghera, CEO of Oxford Nanopore.

“The common elements of our technology platform are now developed enough to merit exploring new applications. In addition to our lead programme in DNA sequencing we are now initiating a project in nanopore protein analysis. This exploits the value of a platform technology; we are aiming to add substantial shareholder value with only incremental investment.”