Skyline Diagnostics raises EUR 5 million in Series B financing

6-1-2010

Skyline Diagnostics raises EUR 5 million in Series B financing

Rotterdam, the Netherlands, January 5, 2010 – Skyline Diagnostics today announced the successful closing of a Euro 5 million Series B investment. The round was led by Vesalius Biocapital and joined by existing investors Erasmus MC Biomedical Fund and LSP (Life Sciences Partners).

Skyline Diagnostics develops and commercializes automated, molecular diagnostic products for cancer with a focus on hematological malignancies. The test results allow for a better patient classification and thus enable oncologists to personalize the treatment for each patient and improve their treatment strategies. The AMLProfiler, Skyline Diagnostics’ first product for Acute Myeloid Leukemia (AML), will be launched later this month. The company has three additional diagnostic products in development. Skyline Diagnostics collaborates with world leading clinicians, scientists and industrial partners.

“This round of financing will enable us to fulfill our ambitions and become a world leader in cancer diagnostics. Standardized and automated microarray technology offers enormous potential in providing clinical solutions for patients with cancer. We are proud to be engaged in such activities and feel confident we can achieve our goals with the support of our strong consortium of investors”, said Dr. Henk Viëtor, CEO of Skyline Diagnostics.

“We strongly believe in the future of standardized, easy to use, diagnostic tests that utilize a panel of molecular markers to stratify patients for personalized and risk-adjusted treatments. Skyline’s outstanding management team has made excellent progress towards commercialization of its first test in short time and within regulatory requirements and we are happy to support the further development of the company”, commented Dr. Christian Schneider of Vesalius Biocapital, who joined the Supervisory Board of Skyline Diagnostics.

Dr. John de Koning, Partner at LSP and member of the the Supervisory Board of Skyline Diagnostics, continued: “We are impressed by the strong diagnostic performance of Skyline’s AMLProfiler, providing highly accurate and discriminating diagnostic information, directly impacting treatment, with features not offered by any other AML diagnostic. We believe Skyline is well positioned to play an important role in tomorrow’s personalized treatment approaches through its high performance cancer diagnostics.”

“The ability to raise this investment round and the quality of Vesalius Biocapital as a new investor serves to highlight the quality of the science, the products and the entire team at Skyline Diagnostics”, concluded Tom Schwarz of the Erasmus MC Biomedical Fund and member of Skyline’s Supervisory Board.

About Skyline Diagnostics

Skyline Diagnostics uses microarray technology to develop diagnostic products that will benefit patients with cancer. The company has successfully translated several important scientific discoveries into diagnostics. These products, called Profilers, are based on gene expression and offer a high additional clinical value. Skyline Diagnostics’ Profilers will provide the clinician in-depth insight in the prognosis of individual patients and facilitate the treatment decision making process. Skyline Diagnostics has several Profilers in development and will launch its first product, the AMLProfiler, in January 2010 on the Affymetrix GeneChip® System. The company has built strong collaborations with leading scientists and has strategic alliances with industrial partners for distribution and manufacturing. More information is available on www.skyline-diagnostics.com.

About Vesalius Biocapital Partners sàrl

Vesalius focuses on the creation, financing and growth of early-stage life science companies. The managed Vesalius funds invest in areas with a high unmet medical need and a significant profit potential: new therapeutics, cutting-edge medical devices, innovative drug delivery technologies and diagnostic tests and instruments with a high utility level. The expertise of the team ranges from extensive investment and exit experience to corporate governance, operational experience, business development, research & development, and IP management in start-ups and mature life science companies. Furthermore, individual team members have in-depth technical insights and competitive scouting experience in the life science sector. For more information please see www.vesaliusbiocapital.com.

About the Erasmus MC Biomedical Fund

The Erasmus MC Biomedical Fund is an independent venture capital fund focusing on early stage companies and (university) spin-outs in the biotechnology and biomedical field with a presence in the Rotterdam region. The fund targets companies that are developing commercially promising products and technologies in life sciences, including pharmaceuticals, biotechnology, information technology and other high technology opportunities that offer venture capital returns. More information about the fund is available on www.erasmusmcfund.nl.

About LSP

LSP (Life Sciences Partners) is a leading independent European investment firm, providing financing to private and public life-science companies. Since the late 1980s, LSP's management has invested in a large number of highly innovative enterprises, many of which have grown to become leaders of the global life-science industry. For example, LSP was a founding investor in Crucell, DNage, Qiagen, Rhein Biotech and Pharming. With over EUR 500 million under management and offices in Amsterdam, Munich and Boston, LSP is one of Europe's largest and most experienced specialist life-science investors. Further information about the LSP Group, please visit www.lspvc.com.

Contacts:

Skyline Diagnostics BV

Dr. Henk Viëtor

Dr. Molewaterplein 50, room EE 19-71

3015 GE Rotterdam

The Netherlands

Tel: +31 (0) 10 703 84 10
Fax: +31 (0) 10 704 30 76

Mobile: +31 (0) 6 55 816 195

eMail: h.vietor@skyline-diagnostics.com

Website: www.skyline-diagnostics.com

Vesalius Biocapital Partners sàrl

Dr. Christian Schneider