NZVIF Invests in Diagnostics

NZVIF Invests in Diagnostics

Date added: Thursday, 07 May 2009 16:15

NZVIF invests in diagnostics

NBR Staff | Tuesday May 5 2009 - 01:32pm

The government's Venture Investment Fund has joined forces with investment company New Zealand Diagnostics to invest up to $10 million in local medical diagnostics businesses.

New Zealand Diagnostics director William Randall says the $US30 billion international diagnostics market is experiencing rapid growth.

"There are some very promising technologies emerging in New Zealand which could have considerable commercial potential," he says.

So far New Zealand Diagnostics has invested in two new ventures: eBonz, which has developed 3D anatomically based models of all joints in the human body, and Manawatu Diagnostics, which is developing human fertility medical diagnostic technology.

NZVIF chief executive Franceska Banga says New Zealand has a history of excellence in life sciences research and there are significant investment opportunities in the diagnostics sector.

"With this partnership, we hope to see greater investment in new innovations which have the potential to advance to the commercial stage in global markets."

NZVIF's agreement with New Zealand Diagnostics replaces an earlier partnership with investment company Chrysalis, of which Mr Randall was also a director.

The investment has been made as part of NZVIF's Seed Co-Investment Fund, which has $40 million to invest in early stage companies.

So far NZVIF has invested $17.6 million of the fund.

Other investors in New Zealand Diagnostics include Stephen Tindall's vehicle K One W One.