Current owner Investinor, which is funded by the Norwegian government, also participated in the investment round alongside private investors.
Smartfish has developed an Omega-3 enriched fruit juice for cancer patients suffering from cachexia, characterized by severe weight loss and muscle atrophy, resulting from long term malnutrition. In parallel, the company is also developing an Omega-3 based drink for patients with Alzheimer’s disease. The capital will mainly be used for clinical trials and further international expansion it said.
“Smartfish’s product holds great international potential. Increasing scientific evidence for omega-3’s effects has led to increased interest for its benefits within clinical nutrition”, says Nina Rawal, investment manager at Industrifonden. “Unlike other omega-3 products, Smartfish offers a tasty juice with a high concentration of active omega-3, offering greater clinical potential. While omega-3 contributes to alleviating the inflammatory process seen in cachexia, the patient also receives good calories containing a number of important nutrients”.
Smartfish is headquartered in Oslo, but has its production in Sweden. The company recently won a clinical nutrition tender in the Skåne region, with a Swedish launch scheduled this fall. With the current capital injection an R&D center will be also established in Stockholm.
The investment in Smartfish is the first step in a recently launched life science partnership between Industrifonden and the Norwegian government funded investor Investinor. The purpose is to provide attractive life science companies access to international capital.
Most recently Industrifonden joined with venture capital firm Zobito to invest in inRiver to fund the Malmo-based software company’s international expansion.
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