Added on 15th Sep 2013

Smartfish raises NOK 70 million (€ 8,5 million) in share issue

Press release:

Smartfish raises NOK 70 million (€ 8,5 million) in share issue

Industrifonden AB invests in Norwegian biotech Smartfish AS in a fully subscribed share issue.

Smartfish has successfully completed its € 8,5 million share issue. Swedish state owned investment company Industrifonden enters as a new active owner, and Norwegian state owned investment company Investinor increases its investment in the company.

Smartfish develops and commercializes omega-3-based clinical nutrition and has sought funding for carrying out further clinical studies on its Nutrifriend products and for accelerating international expansion. Smartfish has developed and patented technology enabling integration of high dosages omega-3 fatty acid in a juice based drink, without influencing the taste experience. This aspect is particularly important in management of disease related malnutrition. The Nutrifriend products have become popular with health personnel and scientists due to the high dose low oxidation formulations, synergistic ingredients and strong compliance.

Smartfish operates out of Oslo, Norway.

Confirming potential

«We are very happy about Industrifonden’s investment in Smartfish. It is a confirmation of Smartfish’ potential in the growing market for clinical nutrition, and the Industrifonden business network and biotech experience will benefit Smartfish. Investinor and Industrifonden are two strong owners that give us a great platform for further development, and capital for necessary investments», says Smartfish CEO, Jens Nordahl.

Smartfish AS focuses primarily on developing omega-3-based juice drinks for disease related malnutrition, cancer and Alzheimer’s patients. Clinical studies within these areas involve scientists at Karolinska Institutet, UCLA and University of Southampton. Results from preclinical work are very encouraging, and give reason for optimism. Documentation of clinical effect is needed to pursue regulatory approval and reimbursement.

A version of the drink with a lower dose of omega-3 is also sold as a non-prescription nutritional supplement taken after exercise.

“This is a product with great international potential, especially given the increasing interest for clinical nutrition and omega-3 based products,