Gyros closes third funding round

Gyros closes third funding round The Swedish biotech company, Gyros AB, announced today the success of their third round funding. At a total of 145 million sek (~20 MUSD) this represents the largest private venture capital biotech investment in Scandinavia this year. The international consortium of investors led by Scandinavian Life Science Venture (SLSV) included Investor Growth Capital, Schroder Ventures Life Sciences, 3i, Ettena Förvaltnings AB (formerly SIF), Swedish Industrial Development Fund, InnovationsKapital, Health & Brand Capital and Life Equity Sweden. Jan Sundqvist, managing partner at SLSV said, "Demands for significant improvements in lab productivity, as offered by Gyros products, are heard more and more in today's tough life science markets. We firmly believe that the Gyros concept provides a strong platform from which to develop a broad range of applications for a number of key areas. These applications will add major customer value." During 2003 Gyros extended its first product line, Gyrolab(TM) MALDI for sample preparation in an automated protein identification setting using mass spectrometry, and launched a second product line, Gyrolab Bioaffy(TM) for protein quantitation. All products are based on the Gyros(TM) technology platform in which laboratory applications are miniaturized and integrated to improve performance and increase efficiency and productivity in the laboratory. " The past year has been a difficult one in the biotech industry, particularly for those newly entering the market," stated Dr. Maris Hartmanis, CEO at Gyros AB, "We see this funding not only as a signal of strong support from our investors, but also as confirmation that venture capital is still available for those biotech companies that have a sound business proposition". About Gyros AB Gyros miniaturizes and integrates laboratory applications, enabling scientists to generate more information from less sample and to improve lab performance. Using our proprietary technology platform, we increase productivity by streamlining the many steps of conventional applications into single, nanoliter scale procedures. Optimal environments are created for each application. A Gyrolab microlaboratory, in the form of a compact disk, can process hundreds of samples in parallel, under the control of Gyrolab Workstation. Our company will realize the full potential of the Gyros technology platform in the fields of drug discovery and diagnostics. Initial product offerings are focused towards the growing area of proteomics. Gyros has 75 employees working at its headquarters in Uppsala Science Park, Sweden and in sales offices in the USA and Europe. For further information, visit www.gyros.com or contact: Maris Hartmanis, President and CEO, Gyros AB Tel: +46 (0)18 566 330 Mobile: +46 (0)70 562 8617 Email: maris.hartmanis@gyros.com Per Sjöberg, Executive Vice President Marketing and Sales, Gyros AB Tel: +46 (0)18 566 318 Mobile: +46 (0)70 544 4799 Email: per.sjoberg@gyros.com Björn Bontin, CFO and Investor Relations Manager Tel: +46 (0)18 566521 Mobile:+46 (0)70 2480925 Email: bjorn.bontin@gyros.com Sue Cresswell, Marketing Communications Tel: +46 (0)8 54472620 Mobile: +46 (0)70 551 9520 Email: sue.cresswell@gyros.com Statements in this press release that are not strictly historical may be forward-looking and include risks and uncertainties. Therefore, though based on Gyros' current expectations, it should be duly noted that a variety of factors could cause actual results and experiences to differ materially from what is herein expressed. Risks and uncertainties include, but are not limited to, risks associated with the management of growth and international operations (including effects of currency fluctuations), variability of operating results, unforeseen changes in the diagnostic and pharmaceutical markets, market competition, rapid or unexpected changes in technologies, fluctuations in product demand, difficulties to successfully develop, adapt, produce or commercialize products, the ability to identify and develop new products and to differentiate products from those of competitors, as well as various legal hazards. Gyros, Gyrolab and the Gyros logo are registered trademarks of Gyros AB. ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2003/12/15/20031212BIT00570/wkr0001.doc http://www.waymaker.net/bitonline/2003/12/15/20031212BIT00570/wkr0002.pdf