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Pro Test Diagnostics receives 17 million

Pro Test team

Pro Test Diagnostics takes in SEK 17 million in capital from Nascent Invest AB and the co-owner Fort Knox Förvaring AB.

Pro Test Diagnostics, which is located at Umeå Biotech Incubator, has developed a blood doping test kit. 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.

“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. “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.”

In the validation phase

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 Mannelqvist. “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.”

Image caption: Christer Malm, Irene Granlund, Nelson Khoo, Anders Mannelqvist and Raik Wagner, Pro Test Diagnostics