Nuevolution A/S Raises € 11 Million in New Financing Round
Tuesday, 19 June 2012
Copenhagen, Denmark, June 19, 2012 / B3C newswire / – Nuevolution A/S, a leading small molecule lead discovery company, today announced that the company has raised DKK 80.5 million in a new financing round. The round was led by Industrifonden with strong support by existing investors Sunstone Capital, SEB Venture Capital and SEB Utvecklingsstiftelse.
The new capital will allow the company to significantly expand its current business of identification of small molecule lead compounds against therapeutically important high value targets.
Jonas Brambeck, Investment manager of Industrifonden said "Nuevolution has shown the commercial use of their proprietary and innovative technology, and we believe the planned expansion in Sweden adds attractiveness to the investment".
Nuevolutions Chemetics® platform uses innovative DNA labeling of small molecule compound libraries enabling a fast and cost effective screen of more than one billion compounds in the efforts to identify hits and leads for further pharmaceutical development.
Since 2008, the Chemetics® technology has been successfully applied against a broad range of partnered targets including protein:protein interactions, that have been difficult to address using conventional HTS and medicinal chemistry.
In all of its commercial partnerships, Nuevolution has identified attractive chemical matter devising the path forward for development of novel drug candidates against highly challenging targets.
"We are very excited to see Industrifonden joining our existing investors in taking a major step forward towards realizing the full potential of the company and its technology", said Alex Gouliaev, CEO of Nuevolution A/S. "The new capital will provide Nuevolution with significant leverage in our lead discovery efforts in partnerships as well as internal programmes".
Stig Løkke Pedersen, Chairman of Nuevolution A/S said "In recent years, we have witnessed the scientific validation of Nuevolution's technology through a number of successful partnerships with some of the world's largest pharmaceutical companies. Our new financing round will enable Nuevolution to transform its current business model, and take the company to next value inflexion point. I am looking forward to the collaboration with Industrifonden at the board and shareholder level".
Industrifonden invests in small and medium-sized Swedish companies with international growth potential. It has total assets of SEK 3,800 million and holdings in about 90 companies in the ICT, Life Science, Industrial Ventures and Cleantech sectors.
About SEB Venture Capital
SEB Venture Capital was founded in 1995 and is part of the SEB Group. SEB VC creates opportunities for entrepreneurs and business owners to build and develop successful companies. Our goal is sustainable, longterm value creation. With a capital base of SEK 2.5 bn, SEB VC invests directly in private companies in various sectors and development stages. We are an active owner and provide valuable resources in the form of capital, competence and contacts. Over 100 investments have been done since inception.
About Sunstone Capital
Sunstone Capital is an independent venture capital investor founded in 2007 by an international team of industry experts with combined entrepreneurial, operational and financial experience. Sunstone Capital focuses on developing and expanding early-stage Life Science and Technology companies with strong potential to achieve global success in their markets. Sunstone Capital currently manages four Life Science funds and three Technology funds. Within Life Science, Sunstone Life Science Ventures has invested in more than 35 companies in the areas of pharmaceuticals, medical technologies and diagnostics, and has completed several successful exits and IPOs. Managing total funds of approximately EUR 700 million, Sunstone Capital is one of the largest and most active European venture capital investors.
For further enquiries, please contact:
Alex Haahr Gouliaev, CEO
Phone: +45 7020 0987
Stig Løkke Pedersen, Chairman
Phone: +45 4086 4151
Nuevolution is a leading small molecule lead discovery company founded in 2001 and based in Copenhagen, Denmark. The company has developed Chemetics®, a unique, patent protected hybrid of proven wet chemistry and molecular biology which represents the ultimate fragment based drug discovery technology. Chemetics® enables rapid synthesis and DNA-tagging of hundreds of millions of chemically diverse drug-like small molecule compounds and the efficient screening of these, facilitating the identification of potent drug leads at unprecedented quantity, quality and speed compared to existing drug discovery technologies.
Nuevolutions library collection currently exceeds 1 billion small molecule compounds and synthetic biologics for screening.
Nuevolution partners its technology with pharmaceutical and biotechnology companies. Nuevolution has entered into agreements with Merck & Co., Lexicon Pharmaceuticals, GlaxoSmithKline, Novartis Pharma and Boehringer Ingelheim. Nuevolution has also entered into a joint venture consortium between Nuevolution, EpiTherapeutics, ExpreS2ion Biotechnologies and Professor Kristian Helin (Biotech Research & Innovation Centre, University of Copenhagen) aiming at discovery and development of novel small molecule drugs against epigenetic factors. This $ 4 million budget project is supported by the Danish High Technology Fund.
Nuevolution has demonstrated the power of Chemetics® by identifying highly potent and drug like novel ligands with the potential to address major unmet medical needs across a range of therapeutic areas and target classes.
Nuevolution is a privately owned company by key Scandinavian investors, including Industrifonden, SEB Venture Capital, Sunstone Capital, SLS Invest and Novo A/S.