Evolva hauls in $28M to grease Arpida merger

Switzerland's Evolva has landed a new venture round of $28 million, which will be put to use to advance a pipeline soon to be fattened from its planned merger with Arpida. The reverse merger, which the companies announced last month, will allow Evolva to go public without filing an IPO.

Aravis joined some new investors to complete the round, with Auriga Partners, Vinci Capital-Renaissance PME and Wellington Partners stepping in for the first time. And while Evolva says it plans to raise additional funds, the new money is intended to get a slate of therapies through the proof-of-concept stage. Evolva highlighted three compounds it is most excited about: EV-077 (cardio-renal indications), EV-086 (anti-fungal) and EV-075 (antiviral).

"We are pleased that we have succeeded in attracting new high quality investors and that we have received further support from our existing ones," said Evolva CEO Neil Goldsmith. "This clearly signals backing from our investor community for the intended merger with Arpida."

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