NBE-Therapeutics closes CHF 3.0 Mio series A financing24.03.2015 14:29
NBE-Therapeutics has completed a CHF 3.0 Mio series A financing round led by Boehringer Ingelheim Venture Fund as lead investor.
NBE-Therapeutics announces that it has completed a capital increase as part of a series A financing round led by Boehringer Ingelheim Venture Fund (BIVF) as lead investor. This series A financing round provides CHF 3.0 mio new working capital for NBE-Therapeutics. These funds are intended to finance the development of a portfolio of first Antibody Drug Conjugate (ADC) development candidates, after the company has successfully completed a number of technology validation milestones during the first 2.5 years since incorporation.
NBE-Therapeutics fully validated technologies include its enzymatic antibody-payload conjugation platform SMAC-Technology and its antibody discovery and engineering platform Transpo-mAb technology, which has recently been granted as a European patent (EP2692865B1).
Considering CHF 2.5 Mio of seed funding that NBE-Therapeutics has raised during its first 2.5 years of operations, which started in mid-2012, the company has now raised CHF 5.5 mio funds from its investors. These funds are complemented by CHF 4.0 mio in funding from research grants for various academic collaborations with e.g. ETH Zürich, University Hospital Basel and the Technical University for Life Sciences North-Western Switzerland, as well as from a FP7 "Research for SMEs" EU-grant.
Ulf Grawunder, CEO of NBE-Therapeutics comments: "We are very pleased about the great support by our syndicate of investors led by the Boehringer Ingeheim Venture Fund (BIVF), who enthusiastically continue to fund our activities towards development of next-generation ADC product candidates until clinical validation in cancer patients. This seamless continuation of financing of NBE-Therapeutics' activities is the result of great progress that NBE-Therapeutics' team has achieved during our start-up phase from 2012-2014. During this start-up phase we achieved full technical validation of our powerful antibody discovery and enzymatic payload conjugation technologies that can now be leveraged for our ADC product development programs. Now, our focus will shift to the development of a portfolio of next-generation clinical ADC development candidates that we believe will bring great promise to cancer patients in need of better and highly efficacious targeted cancer therapies".