PR NewsWire | Aug 05 2022
- Crux Biolabs is a decade-old Australian leader in bioanalytics, customised biomarker detection, cell assay development, clinical and pre-clinical testing with particular strength in the immuno-oncology clinical trials market
- Genesis Capital is partnering with existing management to expand Crux into new testing and clinical trial streams
MELBOURNE, Australia, Aug. 4, 2022 /PRNewswire/ — Crux Biolabs, a leading Australian laboratory for vaccines, immunotherapies, immuno-oncology and infectious diseases announced today a significant investment of growth capital by healthcare specialist investor Genesis Capital. The investment will drive a new phase of growth for company, allowing Crux to quickly expand in line with the global demand for Australian high-quality pre-clinical and clinical testing.
Based in Melbourne and led by CEO Catherine Osborne and COO Kate Porter, Crux Biolabs is known for its specialized immunology services, to help understand why cutting-edge cancer therapies work for some patients but not others. Crux works closely with pharmaceutical sponsors, CROs and academic institutions globally in support of their growing clinical trial needs in Australia. Genesis invests to join existing shareholder Leading Technology Group who will remain as a shareholder.
Crux CEO Catherine Osborne said: "In the past few years we have seen a significant increase in demand for testing services from Crux amidst a growing demand for Australia-based clinical trials. As a result of this surge, we have been looking for ways we can grow our capacity to be able to meet the increased needs of the global market."
"By bringing Genesis Capital on as an investor," said Leading Technology Group CEO Scott Needham, "we believe we have a partner with significant sector experience that will help us meet step-change demand and continue to provide industry leading testing services that we are known for."
"Crux Biolabs has all of the elements needed for ongoing success with momentum already to meet the rising demand," says Genesis Capital Partner Dr Michael Caristo. "We have been impressed with Catherine, Kate and the team and their commitment to scientific excellence. We are delighted with the opportunity to partner with Crux and assist it in its goal to continue to be a laboratory services partner of choice to sponsors and researchers looking to run clinical trials in Australia."
The investment from Genesis will fast-track expansion for Crux, with a focus of capital into the business enabling an increasing in the breadth and volume of testing offered to the market.
"The ability to be both thorough and agile is something we pride ourselves at Crux," said Crux CEO Osborne. "Working with Genesis, we feel we will be now able to respond quicker than ever to the needs of the global market."
Genesis Capital invested an undisclosed amount in Crux Biolabs for a majority stake, with Leading Technology Group retaining a shareholding position in the business.
Leading Technology Group Pty Ltd was advised by Lazard Australia and Tunjic Legal. Genesis was advised by Talbot Sayer and EY.
Crux Biolabs is an Australian bioanalytical laboratory established in 2011. Crux conducts specialist immunology contract research services for pre-clinical and clinical studies, as well as academic and biotech R&D, through in its NATA accredited facility in Melbourne’s eastern suburbs.
About Leading Technology Group
Leading Technology Group is a group of companies focused on accelerating medical research in the areas of clinical trials, hospital software and scientific research. LTG is privately held and has a long-term investment horizon.
About Genesis Capital
Genesis Capital is a specialist investment firm focused on building strong healthcare businesses in Australia and New Zealand. We are an active partner in our businesses alongside management to unlock growth in healthcare businesses that have the potential to be industry leaders.
Genesis Capital / Crux Biolabs
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