Foresight leads £4m capital growth investment into contract research business Mologic

Foresight Group, the infrastructure and private equity investment manager, has led a £4m Series B growth capital investment round into Mologic Limited.

The investment has been made by funds managed by Foresight and existing investor Calculus Capital, both of which are based in London.

Mologic is a Point of Care (POC) diagnostics company that provides Contract Research (CRO) and manufacturing (CMO) services.

The company is also developing a portfolio of proprietary products, including diagnostics for infectious diseases, respiratory disease exacerbations (COPD and CF) and Sepsis.

Mark Davis, CEO of Mologic, said: “The investment from Foresight and Calculus comes at the perfect time for Mologic and will enable the management team to focus resources on expanding the CRO activities and revenues while driving our own products through to commercialisation.

“This will bring profitability across the divisions by 2019, and secure Mologic’s future as a world leader in diagnostic product development and manufacture in both human healthcare and agriculture sectors”.

Mologic also works with the Bill & Melinda Gates Foundation, and is running the Centre for Advanced Rapid Diagnostics (CARD) unit, which is developing a high sensitivity diagnostic technology platform on which multiple products will be based, aimed primarily at improving the health of people in the developing world.

Alexandra Lindsay, investment director Calculus Capital, commented: “We are delighted to be providing further support to Mologic – we have worked together for a number of years and we continue to be impressed with the strength of the team.

“Welcoming Foresight as a partner in this latest fundraising round underlines the strong investment case for Mologic.”

Mologic will use this investment to support product development completion, and commercial launch of the product portfolio, while further investing in the management team. The investment will also boost its entry into the US market, along with an expansion of the profitable contract services operations.

Chris Wardle, investment manager for Foresight Group, added: “Mologic has been doing fantastic work to date, using the profitable CRO business to fund the development of these exciting products with the potential to improve millions of lives.

“Mark and team are growing the operation as they look to commercialise these products, which are showing strong clinical results, and addressing unmet clinical markets.”