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Commercial Growth

The commercial growth segment consists of companies that are already selling products or services and showcasing proof-of-concept with high growth and potential to reach profitability in the near term. These companies are generally derisked in terms of technical and product development risks, but often require larger investments and generate lower multiples. Flerie supports expansion through organic growth and M&A opportunities. Flerie will retain the investment as long as it creates value.

A3P Biomedical

A3P Biomedical is a Swedish commercial stage diagnostics company for early detection of prostate cancer. They have developed the Stockholm3 test, a blood test that combines protein markers, genetic markers and clinical data with a proprietary algorithm in order to detect aggressive prostate cancer. Their test is on the market and has been included in the Swedish national guidelines. Stockholm3 has been developed by scientists at Karolinska Institutet and validated in clinical studies including more than 75,000 men, with over 25 publications in leading scientific journals such as The Lancet Oncology and European Urology. Patients benefit from a more precise test (increasing sensitivity and specificity) and healthcare providers can reduce the direct costs by 17 to 28 percent, decreasing unneccesary biopsies and MRIs. It is also being trialled in an organised screening programme by Region Värmland for men ages 50-75.
David Rosén

Bohus Biotech

Bohus Biotech is a Swedish biotechnology company with a long history of developing and manufacturing hyaluronic acid (HA) raw material and products in three different areas: Ophthalmology, Aesthetics and Orthopaedics. They have an active R&D department developing new products for existing and new applications. Bohus Biotech are based in Strömstad, Sweden. The company has a large international network of partners with distribution in over 60 markets worldwide, with distributors that sell their products to hospitals and clinics all over the world.
Magnus Nylén


Chromafora is an innovative Swedish cleantech company with a unique purification technology. It has patented methods to remove heavy metals and PFAS from polluted water, and to extract valuable metals for recycling. The company was originally active in the pharmaceutical industry but has since pivoted to focus on the mining sector. A pilot together with Swedish mining giant LKAB at the Malmberget mine, demonstrated that they were able to capture 99 percent of a single metal from the water. In several landfill leachate pilot projects, Chromaforas method has shown a unique effectiveness on reducing both short- and long PFAS also with high concentrations PFAS11. Given the success of these projects, they are now scaling up the technology in commercialization phase to meet the market needs. The interest and need to remove PFAS from waters are huge and the green energy transition demand for available metals is greater than ever. Chromafora addresses industrial actors and other business operators that have an impact on water in the environment.
Johan Seijmer


Nanologica is a publicly listed Swedish nanotechnology company developing nanoporous silica particles for preparative chromatography, a type of purification technique. The company’s silica media NLAB Saga® can reduce the production cost for drug manufacturers significantly, given its optimised combination of pore volume and high available surface area, in addition to its exceptional mechanical and chemical stability. This ultimately decreases the number of purification cycles needed in the manufacturing process in addition to decreasing total silica consumption. It is ideal for the purification of peptides such as insulin, insulin analogues and GLP-1 analogues (a rapidly growing new drug class). The company has a production facility in the United Kingdom and has recently received several orders for NLAB Saga® from major customers in Asia, the US, and Latin-America.
Andreas Bhagwani

NorthX Biologics

NorthX Biologics is a Swedish contract manufacturing company specialising in the GMP-manufacture of biologics, expanding rapidly in the booming cell and gene therapy field, with a focus on process development and large-scale production of advanced biological drugs. The Swedish Government has given Vinnova (Sweden’s innovation agency) the mandate to support the establishment of an innovation hub alongside NorthX Biologics in Matfors. NorthX has the largest capacity for production of plasmid DNA in the Nordics, which is an essential starting material for gene therapy products. The company also has microbial and yeast fermentation systems and enacting plans to manufacture mammalian/human cells. In 2023, NorthX acquired a Clinical Trials Manufacturing Unit in Stockholm, expanding to viral vector manufacture and other mammalian cell culture.
Janet Hoogstraate

Provell Pharmaceuticals

Provell Pharmaceuticals specialises in the marketing of world class pharmaceutical products in the US. It seeks to provide innovative products with unique or enhanced delivery systems for better quality, stability and/or patient adherence at a lower cost. They have an exclusive marketing and distribution agreement with Merck KGaA for Euthyrox® (levothyroxine sodium tablets, USP) in the US market. The company is currently focusing on a new digital marketing campaign to sell Euthyrox as a branded product as well as evaluating possibilities of commercialising additional specialty products in the US market.
Steve Hodge


Symcel is a biocalorimetry specialist company offering tools for rapid and direct metabolic measurements on any biological sample. Symcel is developing and marketing the calScreener™, calView™ and calData™ suite of analytical tools today. The company is in the commercial phase for R&D markets with increasing traction and KOL support. There are multiple applications, including rapid microbial detection, antimicrobial development and susceptibility testing. Additionally, Symcel is developing an vitro diagnostic (IVD) instrument for implant and tissue related infections. This will ultimately cater for most types of tissue and fluid samples for infection testing, with todays development focused on infections of bone, joint and orthopedic surgical procedures. Their goal is to embed pathogen detection, species identification and AST (antibiotic susceptibility testing) in one instrument that can perform all three functions simultaneously. Solving all diagnostic steps needed for directed therapy in a one day shift, days faster than todays standard. The company has established a US office in Boston to enable further growth and support for American customers.
Solna, Sweden
Jesper Ericsson

Divested companies

Flerie encourages partnerships and M&A activity to accelerate bringing treatments to patients. When this results in an acquisition, proceeds are reallocated to the investment pool in line with our evergreen strategy.

Cobra Biologics

Cobra Biologics was a leading international advanced therapy CDMO with GMP approved facilities in both Sweden and the UK, sold to Cognate BioServices in 2019, which was subsequently acquired by Charles River Laboratories in 2021.

Cormorant Pharmaceuticals

Cormorant Pharmaceuticals was a privately held, biopharmaceutical company founded by Maarten de Château and Urban Paulsson. Based on mounting research pointing to IL-8 being an important driver of malignant tumors, HuMax-IL8 (a fully human monoclonal antibody) was acquired from Genmab A/S and taken into development by Cormorant. Cormorant was acquired by Bristol Myers Squibb in 2016.

Wilson Therapeutics

Wilson Therapeutics was a biopharmaceutical company, based in Stockholm, Sweden, developing novel therapies for patients with rare copper-mediated disorders. Wilson Therapeutics' product, WTX101, was in Phase 3 development as a novel treatment for Wilson disease when it was acquired by Alexion in 2018.