COBALT advised the venture capital fund Practica Capital, which together with business angels invests EUR 1M in a Lithuanian biotech startup Droplet Genomics. This investment will enable Droplet Genomics to expand its intellectual property portfolio and accelerate the commercialization of new products.
Droplet Genomics is a Lithuanian biotech startup that aims to commercialize droplet microfluidics technology. Owing to its unparalleled throughput, droplet microfluidics enables researchers to study single cells and single molecules. Experiments performed at such resolution, allow scientists to uncover new facets of human biology, diseases and speed up drug discovery research. Droplet Genomics develops hardware systems, consumables and software solutions. They intend to create easy to use workflows that would enable researchers to tap into the potential of droplet microfluidics technology for studying complex biological systems, as well as high-throughput screening applications.
The startup is actively developing novel products and plans to release an integrated system for high-throughput screening applications in Q1 2021. This new addition to the product portfolio will complement an already existing integrated system for droplet microfluidics research. Droplet Genomics main clients are universities, research institutes and biotechnology companies located in Europe and USA.
"The long-term vision of the team is very ambitious, aiming to enable personalized medicine. These are global challenges. We know that it will take a longer time for Droplet Genomics to achieve its goals. Thus our challenge is not only to stay patient but also to help make those first steps, attract additional expertise and work with regional and global venture capital partners today, to ensure timely and sufficient financing in the future. We appreciate the trust of Juozas, Linas and the rest of the team in us and the partnership achieved," said Donatas Keras, Partner at Practica Capital.
COBALT advised on the structuring of the transaction, drafted transaction documentation, represented Practica Capital in negotiations, conducted legal due diligence and advised on other transaction-related matters. COBALT team was comprised of Partner Eva Suduiko and Senior Associate Aurelija Balčiūnė.