The Slovak biotechnology company MultiplexDX, led by well-known scientist Dr. Pavol Čekan, received an investment of one million euros last week from American investor Ronald Cook along with several investors from the Crowdberry investment platform. It is the largest private investment into a Slovak biotechnology company in history. Investors have become co-owners of MultiplexDX, with the company being still open for a selected few more investors to join.
MultiplexDX brings a unique method for cancer diagnostics to the market. The company is developing personalised cancer diagnostic tests with 99% accuracy which will prevent misdiagnosis and enable accurate personalized treatments for patients. The quality of the company’s research and development is ranked among top biomedical centres.
“This investment, being our second round, is an important milestone for the company and the development of personalised cancer diagnosis across the world. We will use this investment mainly to expand the company’s infrastructure, including a cutting-edge laboratory in Slovakia, and in marketing and sales.” said the founder and CEO of MultiplexDX Pavol Čekan.
The company was awarded the Seal of Excellence by the European Commission, providing it access to grants totalling almost three million euros and other funds. MultiplexDX received its first commercial investment totalling 400 thousand euros from Neulogy Ventures in 2016, which remains an active partner in the ownership structure. In July 2018, MultiplexDX received a grant of 176 thousand euros from the Ministry of Education in Slovakia.
“MultiplexDX is an interesting investment opportunity for our investors, mainly for its global reach and the impact of its products. I am delighted that so many of our investors from Slovakia and Czech Republic have decided to support the company. The participation of Ronald Cook in this investment played an important role. He is an eminent investor in the field of biotechnology and founded a similar company that he later successfully sold. Another company success, as the first Slovak company, is its selection to participate in Health Hub Vienna, a prominent European healthcare accelerator.” said Michal Nešpor, Crowdberry partner for start-ups.
MultiplexDX plans to finalize the complex diagnostic test by 2023. Four constituent products of the final diagnostic test are already being sold and are used at top international institutions such as the National Institute of Health, Cornell University and Düsseldorf University.
MultiplexDX has received multiple international awards, including the Slovak Startup Award 2016, CESAward Slovakia 2018, JCI Young and Innovative Entrepreneur 2018 and the Biotech Standard of Excellence Web Award 2018. The company recently appeared as an emerging biotechnology star of Eastern Europe in the New Europe 100 ranking published by Google and the Financial Times.