STING Capital invests in two pioneering hi-tech medical companies

CyberGene’s ChromoQuant prenatal diagnostic kits dramatically reduce the time taken to diagnose common chromosomal disorders in fetuses from weeks to a matter of days.

STING Capital is to also provide funding for Scint-X, a company that develops components for use in digital X-ray equipment.

“We are extremely pleased with the joint investment venture in CyberGene. This cooperation means shared commitment, shared risk and also gives CyberGene access to a wealth of business expertise,” says Martin Gemvik, Investment Manager at STING Capital.

“Because STING Capital focuses exclusively on the early stages of business development, we can guarantee CyberGene the stability it needs to develop before larger investors show an interest,” Gemvik adds.

“Now we can employ someone to focus on international sales to help the company grow. In the past we’ve only had a very limited market, but now we can expand into new markets all over the world!” says Heléne Olsson, CyberGene CEO.

“Now we’ll have the chance to invest in equipment to build full-scale prototypes in 2008. We’re currently in the final stages of launching two customer projects, one of which is with a US-based company. So we’re looking forward to next year with cautious optimism,” says Scint-X CEO, Per Wiklund.

For more information 
Martin Gemvik, STING Capital Investment Manager,  +46 (0) 705 78 95 62, martin.gemvik@stockholminnovation.com, www.stingcapital.com/en

Heléne Olsson, CyberGene CEO,  +46 (0) 707 55 86 65 , heol@cybergene.se, www.cybergene.com

Per Wiklund, Scint-X CEO,  +46 (0) 701 11 06 51 , per.wiklund@scint-x.com, www.scint-x.com

STING Capital is one of the few venture capital funds in Sweden that invests in companies at the earliest stages of development – before a finished product or paying customers exist. We are often the first external investor to offer business ideas or concepts financial support, and can invest up to SEK 4 million per business. By 2012 STING Capital aims to invest in some 10 high-tech companies a year.
www.stingcapital.com/

STING (Stockholm Innovation & Growth) helps innovators and entrepreneurs build hitech export businesses of the future. With expert advice from experienced business professionals, STING provides a unique service designed to create success. http://www.stockholminnovation.com/en