Pro Test receives 17 million – for blood doping test

Pro Test Diagnostics has developed a unique antidoping kit for blood doping, which will soon be out on the market. The company now takes in SEK 17 million in capital from Nascent Invest AB and the co-owner Fort Knox Förvaring AB.

"Sports federations all over the world, testing agencies and the International Olympic Committee all signal that there is a great need in the market. Thanks to new capital, we are taking a step in the fight against blood doping", says Anders Mannelqvist, CEO of Pro Test Diagnostics.

Pro Test Diagnostics, which is located at Umeå Biotech Incubator, has developed a unique blood doping test kit. In the past, it has been impossible to detect athletes who have blood doped through blood transfusion with their own blood, but thanks to Pro Test Diagnostics this can be detected. The test is based on the fact that the molecular fingerprint in the blood changes as the blood is stored frozen outside the body. The test recognizes the fingerprint changes and can thus, with high accuracy, determine whether an athlete has blood doped himself or not.

"The goal was to raise 17 million, in the form of long-term ownership, where our existing owner Fort Knox was prepared to provide five of these. We succeeded in this and we are really happy and grateful that, despite prevailing circumstances with covid-19, Nascent wants to join and support the company and our mission", says Anders Mannelqvist, who stepped in as CEO of Pro Test Diagnostics in May 2019 and is Doctor of Physics and former Olympic biathlete.

"Nascent is a long-term investor who has a strategy to invest in knowledge-intensive companies across the country. Pro Test Diagnostics is based on world-class research, high credibility and operates in a large global market. These are clear building blocks for constructing a successful company. The fact that the product can also contribute to a cleaner sport is satisfactory. We look forward to working and supporting the team and contributing to a continued successful journey", says Nascents CEO Erik Gozzi.

Martin Gunhaga, investment manager at Fort Knox, adds:

"Nascent's ownership philosophy is very similar to Fort Knox's philosophy, which makes us feel safe with them as investors."

Currently, Pro Test Diagnostics is in the validation phase, which is the last step before they can start selling their anti-doping kit.

"The most important thing right now is that WADA approves our test - it is the key to virtually all sales. They have previously sponsored the project on five occasions and we are now working hard to package the test so that WADA's test lab can analyze the doping samples and then present the statistical results in a reliable way", says Anders Mannelqvist.

There will be no Olympics this summer because of the spread of covid-19, how does that affect you?

"Covid-19 affects us both negatively and positively. The negative is that we cannot meet and work in the same way, but the positive thing for us is that the Tokyo Summer Olympics is moved at least one year ahead, which means that we have an approved test then. Compared to other companies in other industries, we are fortunate and I really hope that everyone who struggles in healthcare and in all other affected sectors will soon find it calmer and that we can return to normal life", says Anders Mannelqvist.

For more information contact:

Anders Mannelqvist
CEO of Pro Test Diagnostics
070-289 50 58
anders.mannelqvist@protestdx.com

Om Pro Test Diagnostics

Pro Test Diagnostics AB is a Umeå-based privately-owned company that is developing a blood doping test to reveal athletes who, by means of blood transfusions, have increased their performance ability. The Pro Test Diagnostics test is based on unique research at Umeå University, which has been developed with business and product development support from Umeå Biotech Incubator and Fort Knox, a family-owned Umeå-based investor focusing on unique entrepreneurs. Substantial support has also come from WADA and Vinnova.