RARE Daily

Centogene Secures $20 Million, Expanding Relationship with Saudi Biotech Lifera

May 16, 2024

Rare Daily Staff

Centogene entered into a set of agreements with Saudi Arabian biotech Lifera that expands their relationship and provides approximately $20 million to support its mission is to provide data-driven, life-changing answers to patients, physicians, and pharma companies for rare and neurodegenerative diseases.

Lifera is wholly owned by the Public Investment Fund (PIF) in Saudi Arabia. The expanded relationship includes Lifera’s $15 million purchase of certain Centogene accounts receivable and an increased investment in the companies’ joint venture, Lifera Omics, and provides funding to support Centogene’s ongoing activities.

“This transaction strengthens our financial position and accelerates Centogene’s ongoing efforts to optimize our working capital,” said Kim Stratton, CEO of Centogene. “Centogene is committed to achieving EBITDA breakeven by the end of this year, and we are on a very good path to achieving this target.”

Centogene integrates multiomic technologies with its Biodatabank to guide the next generation of precision medicine, enable rapid and reliable diagnosis for patients, support a more precise physician understanding of disease states, and accelerate and de-risk targeted pharma drug discovery, development, and commercialization.

The company utilizes Phenomic, Genomic, Transcriptomic, Epigenomic, Proteomic, and Metabolomic datasets, which are captured in its Biodatabank, with more than 850,000 patients represented from more than 120 countries, over 70 percent of whom are of non-European descent.

Photo: Kim Stratton, CEO of Centogene

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