Life sciences player NuSep gets PE funding for Singapore unit

Australia Securities Exchange-listed NuSep said in a regulatory filing that the investment, based on a pre-money valuation of S$27 million, will be structured across four tranches. Xeraya and JP Asia Prime will collectively hold a 37.21% stake in PrIME, with NuSep owning 60.22%

The proceeds will support the development of a plasma fractionation facility in Singapore. PrIME is named for the technology upon which its products are based - preparative isolation by membrane electrophoresis. Using the natural charge found on proteins, the process enables the selective purification of target molecules, potentially removing pathogens such as viruses and bacteria.

The company estimates Asian therapeutic plasma products market is worth $1 billion. The global market is thought to be worth $10 billion.

The investors will be issued Series A preference shares with a fixed cumulative preferential dividend rate of 10% per annum of the issue price. They also have preferential rights to any distribution via a liquidation event such as an IPO.

JP Asia Prime also has an option to invest a further sum of $1-4 million in PrIME within a three-month period.

The investment will allow NuSep to focus on applications of the core technology beyond human blood plasma. In addition to therapeutic plasma, the company is active in the IVF clinical and research consumables markets.

NuSep reported a net loss of A$1.8 million in 2013, down from A$9.7 million the previous year. Revenue came to A$918.6 million, down from A$1.32 billion in 2012.

Xeraya manages a portfolio that includes direct and indirect investments. The indirect assets are managed by Springhil Bioventures and the Malaysian Life Sciences Capital Fund.

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• Topics
• Healthcare
• Southeast Asia
• Australasia
• Expansion
• healthcare
• Singapore
• Southeast Asia
• Australia
• Growth capital
• Khazanah Nasional