Oxford Immunotec Closes £7M In Series B Financing

Oxford, UK; 3 August 2005 – Oxford Immunotec, the T cell diagnostics company, announced today that it has closed a £7M series B private equity financing. The round was led by Prelude Ventures, who invested £2.75M, alongside Quester, the Dow Chemical Company, and Top Technology. Oxford Immunotec will use the financing to extend marketing for its first product, T SPOTTM-TB, a diagnostic test for tuberculosis (TB), currently approved for sale in Europe.

T SPOT-TB can be reliably used to detect TB infection and is currently the only available test for the effective diagnosis of latent TB in immunocompromised patients. The patented technology behind the test is the first regulatory approved method for directly quantifying antigen-specific T cells and provides opportunities for improved diagnosis of many other infectious diseases.

Dr. Rob James of Prelude commented, “Prelude is delighted to be investing in a company that has devised the most advanced and accurate solution for the diagnosis of TB. Often wrongly assumed a problem of a bygone age, TB is now incredibly common worldwide and is steadily on the rise. This represents a later stage investment for Prelude as the business is already producing revenues and is on the path to profitability. We are enthusiastic to be involved with a company which holds such exceptional and potentially crucial technology.”

Dr. Peter Wrighton-Smith CEO and founder of Oxford Immunotec commented, “The T SPOT-TB test revolutionises the way in which we detect this widespread and dangerous disease. We have approval in the EU and in many other countries further afield and we have strong prospects for the use of our patented technology for the diagnosis of other infectious diseases. We are excited to be working with Prelude who is helping us move closer to achieving profitability and who have a strong track record in supporting the rapid development of companies such as ourselves.”