DNA Research Innovations

Advent financed DNA Research Innovations (DRI), a company based in Kent in the UK, from the very first venture round.

The DRI founder had invented a novel, patented technology which provides a highly simplified and elegant approach to the preparation, extraction and purification of DNA enabling the process to be completed 20 times faster than conventional methods.

Advent had known the inventor for some time and had followed the initial invention closely. It ultimately provided the first institutional funding in 2000 when the scientific founder brought in a very experienced life sciences industry executive as CEO.

Advent worked closely with the team on the business plan before committing the funds and continued to play an active role in guiding the execution of the plan. The intention from the beginning was to develop the DRI technology to a point where commercial products were launched to attract a buyer for a trade sale exit.

During the first couple of years of our involvement Advent introduced DRI to a number of life science companies and institutions for prototype testing and sales leads. These relationships provided crucial ongoing feedback to DRI for optimising its commercial product. It also introduced a seasoned R&D executive with a long and successful track record in the field to the board of DRI.

In 2002, having developed commercial prototypes, the company sought additional financing to fully commercialise the product. Advent worked with the company to develop the financing strategy and was instrumental in building the syndicate that provided the financing.

Having launched its first product in the beginning of 2004, Advent led the exit process which resulted in the company's acquisition, in October 2004, by the US company Invitrogen, Inc. The total consideration was $65 million in cash which delivered a return in excess of 3x for Advent.