Investee Company – Cozart Bioscience Ltd (UK)
Investee Company Business Type – Medical diagnostic products production
Type of Financing – Developmental Financing
Equity Providers – Yorkshire Fund Managers, Pi Capital, Avlar BioVentures
Equity Leader (Individual) – No individual led the deal. Yorkshire Fund Managers were lead providers
Debt Providers – No debt provided
Debt Type – N/A
Debt Leader (Individual) – N/A
Equity Amount – £3.1 million
Total Deal Value – £3.1 million
Other Advisors – Beeson Gregory advised the vendor
Comments – Cozart Bioscience was established in 1993 and is a major supplier of immunodiagnostics tests used by forensic laboratories to evaluate urine and blood samples for the presence of drugs.
Cozart chief executive Dr Chris Hand said of the funding round: “This funding will enable us to supply growing demand for Cozart products more effectively. It will support the expansion of our sales and marketing effort and the launch of Cozart Rapiscan in additional territories, particularly in the US.”
The Cozart Rapiscan is a new unique saliva-based, point of care drug abuse test. The kit can test for up to five different drugs simultaneously and provides results in minutes.
The product is already used in the UK, Europe and Australia. The key markets for Cozart are the police force, prison and probation services, as well as drugs clinics, occupational health and schools.