DOHA: Concordia Capital has announced the completion by its exclusive client, Partners & Partners sarl, of a $10m equity tranche of the latest $30m financing round in AVIIR.
Established within the Qatar Financial Centre (QFC), Concordia Capital is a regulated financial advisory firm specialized on the Healthcare and Sustainable Industries sector. AVIIR, based in Irvine (CA), is a leading health diagnostics laboratory having developed a revolutionary blood test to identify risks for patients to develop a cardiovascular condition within a 5-year time horizon.
The proceeds of the capital injection will be used to build out AVIIR's commercial infrastructure, speed up its US-based commercial launch, and expand third-party reimbursement efforts in the US. AVIIR also plans to use proceeds to begin distribution of the company's cardiac risk test outside of the US, and to create additional laboratory testing services.
A specific roll out of the test will be undertaken from Qatar then throughout the wider GCC / MENA region for which Partners & Partners has secured an exclusive distribution agreement with AVIIR. The roll out should take the form of stand-alone laboratories or dedicated "lab corners" within the most prominent hospitals and clinics throughout Qatar and the region. Qatar should welcome the first "AVIIR test lab" facility by the end of 2013.
Merck Global Health Innovation Fund led the financing round with Partners & Partners. Bay City Capital, Aberdare Ventures, and New Leaf Venture also participated. Based out of the Qatar Financial Center, Concordia Capital acted as sole financial advisor to Partners & Partners in the transaction.
AVIIR CEO Douglas Harrington said: ' The additional funding will allow us to conduct a broader commercial launch domestically and to take the next steps toward a comprehensive international distribution plan to be rolled out later this year ".
Dr. Sheikh Khalid bin Jabor Al Thani, Director of Partners & Partners sarl, commented: "I am extremely pleased that Concordia Capital has structured this opportunity for select private investors to participate and accelerate the growth of AVIIR with huge perspectives in emerging markets, especially in Qatar and in the GCC. Heart diseases are one of the key healthcare priorities in countries like Qatar and neighboring countries and the AVIIR solutions and products that will be soon accessible there will provide key progress to patients."
© The Peninsula 2013
