Livingstone raises growth capital for medical testing business Althia

Livingstone’s Healthcare sector team has advised Althia Health on raising growth capital from Spanish investors Inveready and Reiman Inversiones.

Founded in 2007 by Dr. Carlos Cordón Cardó and a group of doctors and scientists, Althia has established itself as a world leader in personalised, predictive pathology tests and the development of innovative radiotherapy treatments for oncology applications. Althia’s management decided to approach new backers, while also providing an exit for some very early stage investors, to coincide with the launch of its new radiotherapy treatments.

Livingstone was appointed by the Althia team to identify the new backers and negotiate the exit of several seed investors. Inveready is one of the leading early stage venture capital investors in Spain, investing in technology companies with high growth potential and innovative business models. Reiman is a family holding company that invests in exciting niche businesses.

Althia Executive VicePresident, Isabel Lozano, commented: “We are thrilled to be entering a new phase involving the consolidation of the diagnosis division, further R&D projects and the new treatment activity. We are delighted to have secured the backing of Inveready and Reiman Inversiones.”

Reiman Inversiones CEO, Resurrección Haro, said: “The Livingstone team were very professional, maintaining constant effort and patience during the entire process. During the course of negotiations they always sought and found creative solutions to problems that arose and in particular they were able to resolve all of the usual last minute issues that are common with this type of transaction.”

“The Althia deal certainly proved challenging as it involved a large number of outgoing minority shareholders, different incoming investors, new suppliers and exciting customer opportunities. Luckily all parties were focused on finding a reasonable deal and they all showed flexibility,” said Neil Collen, Partner of Livingstone Madrid, he added: “It was a real pleasure working with the highly qualified medical and management teams in an area of leading edge medical treatments.”