ALA Diagnostics Raises €1.1 Million and Gives Entry to Its Capital to BeAble Capital

ALA Diagnostics raises capital. The Spanish biotech company specializing in the development of in vitro diagnostic kits for pathologies with high prevalence or unmet medical needs has closed a round of financing of €1.1 million led by BeAble Capital, which takes a minority stake in the company, as explained by José Ramón Montero, founding partner and general director of ALA Diagnostics.

With the new injection of capital, the Spanish biotech company has the necessary investment to complete the development of its kit for the early diagnosis of Multiple Sclerosis, according to Montero.

In this operation, ALA Diagnostics has had the support of Ana Montero, as the company’s legal advisor, and Klecha&Co, a European investment bank, as financial advisor in the transaction. BeAble Capital has had the support of Think Legal Abogados, as legal advisor to the fund in the operation.

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ALA Diagnostics will open a laboratory in Madrid in the coming months

The company will complete the development of its diagnostic kit and will face international clinical trials in the coming months that will allow the product to be marketed in Europe and the United States.

One of the objectives of the financing round is the creation of a laboratory in Madrid for the production of the diagnostic kit, which will be operational before the end of the year, and the growth of the company, creating “a multidisciplinary and highly qualified team to face the last stage of development. Although at the moment the exact location of the laboratory is unknown, Montero has stated that it will be located “within the M-30”.

ALA Diagnostics was created in 2019,  as a result of the identification of an opportunity for the development of a blood diagnostic kit for Multiple Sclerosis, applicable to the early diagnosis of the disease, based on a recombinant protein whose activity as a diagnostic biomarker has already been validated. in clinical studies.

The company closed its first round of financing in 2021  for the development of the ALA Diagnostics Em Kit, the first test for the early diagnosis of Multiple Sclerosis in blood. The test is based on a recombinant protein whose activity as a diagnostic biomarker has already been validated in 598 human samples. In addition, at the beginning of the year, the company received a non-refundable grant of more than half a million euros from the European Commission for research and development (R&D) activities.

The company hopes to market its product in Europe and the United States in the coming months

The diagnostic kit that ALA Diagnostics plans to put on the market combines a specific biomarker for the detection of MS in blood, a design that allows its easy integration into clinical routine, and a diagnostic algorithm that provides greater precision to the diagnosis.

José Ramón Montero, in addition to being the CEO of the company, has fourteen years of experience in the biotechnology sector, carrying out functions related to the management of research, development, and innovation (R+D+i) projects, the feasibility analysis of projects, preparation of business plans, business strategy and advising biotechnological start-ups. He is accompanied by Óscar Fernández on the management team, a clinical neurologist with more than forty years of experience. The founding team retains the majority of the company’s capital.

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(Featured image by fernandozhiminaicela via Pixabay)

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First published in PlantaDoce, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

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