BioEcho Life Sciences GmbH announced the minority investment of Ampersand Capital Partners, a US-based private equity firm specialising in growth investments in the life sciences and healthcare sectors.

Cologne-based BioEcho has developed a rapid sample handling process and distributes kits and purification devices for the rapid and high-quality extraction of nucleic acids. The one-step purification technology enables simpler DNA and RNA extraction workflows compared to traditional bind-wash elute solutions, while minimising inhibitors for downstream PCR and sequencing applications.

Dr Markus Müller, co-founder and co-managing director, commented on the new investors' entry: "We are very excited to partner with Ampersand to catalyse the next phase of BioEcho's growth. Ampersand's expertise and resources will be of great benefit to BioEcho as we continue to expand into new markets." Co-founder and co-CEO Dr Frank Schäfer added: "This partnership comes at a pivotal time in our company's history: the rapid success of our SARS-CoV-2 purification kits is a strong validation of the benefits our technologies can bring to customers, and with an extensive pipeline of new solutions ready for commercialisation, now is the perfect time to accelerate our expansion. We are also pleased that our partnership with Ampersand will help accelerate our expansion in the US - a key priority for 2022."

Dr Frank Witney, a veteran of the biotech scene with senior positions at Affymetrix, Dionex and Perkin Elmer and now an Operating Partner at Ampersand, added: "Given Ampersand's experience in the molecular diagnostics and tools market, we were very impressed with BioEcho's differentiated products and technologies.  Over the past two years, BioEcho has been a key partner for molecular diagnostics laboratories across Europe, providing important purification kits that have accelerated COVID-19 PCR testing workflows and enabled laboratories to scale up rapidly across the continent. We look forward to accelerating the global commercialisation of new products for other clinical and non-clinical applications."

In connection with the transaction, Frank Witney was appointed to BioEcho's board of directors, along with Ampersand vice president Arya Mehrabanzad. Financial details of the transaction were not disclosed, but it is rumoured to be in the tens of millions of dollars.