BioWorld International Correspondent

REHOVOT, Israel - Mindsense Biosystems Ltd. said it secured a $2 million investment from Frankfurt, Germany-based Future Capital AG to help bring its unique biomarkers into blood tests for mental disorders.

Mindsense CEO Nir Nimrodi said the technology could "make a fundamental change in mental disorders management."

Mindsense, using proteomics and functional genomics tools, has discovered a portfolio of proprietary candidate blood-based biomarkers for depression.

"This new investment, consisting of equity and warrants initiates the company's third round of financing," Nimrodi said. "We aimed at raising $10 million and that Future Capital has already committed the first $2 million is very encouraging."

Mesirow Financial, of Chicago, an investment bank, will be handling this round, said Nimrodi.

The funding comes despite the rather financially depressed climate in Israel, where 19 life sciences companies raised just $50 million in the first quarter, according to the Kesselman & Kesselman PricewaterhouseCoopers Money Tree Survey.

"The backing of Future Capital as a financial partner during these volatile days validates our approach and accomplishments," Nimrodi said. "And, at the same time, it also provides us with critical access to key European markets."

Rainer Henning, Future Capital senior partner who will join the Mindsense board of directors, said, "We invested in Mindsense because the firm is on the cutting edge of a very exciting area. Innovative diagnostics in the mental disorders arena is a multibillion-dollar industry and Mindsense is well positioned to become a primary beneficiary of it."

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