We advised Estonian health technology company Antegenes on raising EUR 2.3 million in funding to bring its innovative genetic tests for personalised cancer prevention into wider use in healthcare, scale the team and expand to new foreign markets.
The future of healthcare
Antegenes raised EUR 1.6 million from investors in seed round, which was led by Pipedrive co-founder Timo Rein, Pipedrive’s first investor Peep Vain and entrepreneurs Aare Kurist and Andreas Henn Otsmaa. In addition, Antegenes has received two grants to bring research-intensive innovation to international healthcare by the EIT and Health Norway Grants Green ICT programme.
“To reduce cancer deaths, the genetic predisposition of cancer should be analysed for all people, and our vision is to implement this internationally with our partners. This is why the current investment round is very important for our growth and next steps. We are glad that investors share our vision of the future of healthcare,” said Dr. Peeter Padrik, founder and CEO of Antegenes.
An innovative approach
Antegenes’ novel genetic tests assess patient’s personal cancer risks and include clinical recommendations for further personalised cancer prevention.
Tests are based on innovative polygenic risk score technology which helps to clarify an individual’s genetic predispositions to cancer. It, therefore, allows for more accurate prevention and early detection measures – crucial in the fight with cancer. The tests are currently used to determine the genetic risk of four cancers: breast cancer, prostate cancer, colon cancer, and skin melanoma.
Our services and client team
We advised Antegenes on all legal matters related to the seed round. Our client team included partner Toomas Prangli, counsel Lauri Liivat and associate Kadri Puu.
Investment banking company Keystone Advisers served as the financial advisor for the round.
Previously, we have also advised Antegenes on raising EUR 500 000 in 2021, as well as, on a pro bono basis within the framework of our Shared Mission program, prepared a legal analysis that shed light on the company’s possibilities for offering its services cross-border. Analyzing, for example, whether and under what conditions other member states can restrict the cross-border supply of genetic tests. We also analyzed issues related to the protection of personal data.