Cavidi raises over $1 million

November 21, 2007

Cavidi AB has signed an agreement with a consortium of American and Swedish investors, raising over $1.0 million to drive forward Cavidi's newly adopted three-year business plan.

Cavidi AB

(Sweden) has signed an agreement with a consortium of American and Swedish investors. The consortium has provided over $1.0 million of operational funding, and has committed to raising additional funding as necessary. The capital will be used to drive forward Cavidi's newly adopted three-year business plan. Cavidi produces ExaVir Load, an HIV viral load assay suited for resource-limited settings.

The key members of the investment consortium include several American investors experienced in venture capital markets as well as senior Cavidi management. The three-year plan they are funding seeks to generate more than a five-fold growth in revenue. It will capitalize on the recent release of Cavidi's ExaVir Load Version 3 - a new and improved version of their HIV viral load assay. It is also part of the plan to appoint additional distributors in Asia. Further investment will be required in both working capital and equipment in order to undertake a major expansion in production capacity.

The consortium will appoint a new member to Cavidi's board of directors. They have also committed to raising additional capital over the life of the three-year plan as needed.