NEW YORK – Qlucore said Wednesday that it has closed a private placement worth SEK 30 million ($3.5 million). Eiffel Investment Group led the round, with participation from other, unspecified "long-term strategic institutional and private investors," according to the Swedish bioinformatics technology developer.
Investors purchased 71,400 shares in this unnamed round at a price of SEK 420 per share, Qlucore said. That brings the total number of shares to 263,271, valuing the company at nearly SEK 110.6 million.
The Lund, Sweden-based vendor said that it would use the proceeds to expand its sales and technical teams as it prepares for an initial public offering in the next 12 months. The firm said that its newest market of cancer diagnostics now represents its largest potential for growth.
"Eiffel Investment Group is pleased to help fund the further development of Qlucore, from a worldwide recognized bioinformatics data analysis software company for precision diagnostics and research to a platform for precision diagnostics for clinical use in cancer, as a first target area, and a true enabler of precision medicine," Jean-François Paumelle, partner of Paris-based Eiffel Investment Group, said in a statement.Â