Direvo Raises Euro 12 Million (USD 16.8 Million) In Series C Financing
KÃ¶ln, Germany, Oct 18, 2007 - Cologne, Germany, October 18, 2007 - DIREVO Biotech AG, a leading company for superior bioengineered products and processes for industrial and pharmaceutical applications, announced today the completion of a private Series C equity financing. Direvo raised EUR 12 million (USD 16.8 million). In addition, certain Series C investors acquired all common shares held by the company's founders, such as Evotec AG and former management. Bankhaus WÃ¶lbern, Hamburg and TVM Capital, Munich jointly led this financing round. NRW.BANK, DÃ¼sseldorf/MÃ¼nster, joined with its venture capital fonds as additional new investor in this round. All previous institutional investors such as Danisco Venture A/S, Copenhagen, S-Equity Partner, Cologne, Mulligan BioCapital, Hamburg and funds managed by New York based Signet Healthcare Partners, an affiliate of Sanders Morris Harris, as well as private investors such as Nobel laureate Prof. Manfred Eigen, Prof. Detlef Riesner, Prof. Heinrich M. Schulte, Dr. Ruthild Winkler-Oswatitsch and management participated in the financing.
Direvo intends to use the proceeds to fund further own product developments in the field of Industrial Biotechnology, its collaboration and research programs in therapeutic proteases and antibodies, as well as for the enhancement of technical capabilities in the field of production process development and biodiversity.
"We are very pleased with the closing of our Series C financing as it will accelerate the growth of the company," stated Dr. Thomas von RÃ¼den, CEO of Direvo, and added: "It also demonstrates our shareholder's strong confidence in the company's strategy and management".
Dr. Eric Hirsch of Bankhaus WÃ¶lbern stated: "We have followed Direvo for many years and came to the conclusion that this company is among the most promising new generation protein engineering companies in Europe. We look forward to working closely with Direvo's experienced management team to build the business for success".
"This new infusion of capital by an international syndicate of reputable institutional and private investors is a strong vote of confidence for the Direvo platform. We are convinced that this investor view will be confirmed by a growing number of high value commercial partnerships in the coming years" said Dr. Hubert Birner, Chairman of Direvo's Supervisory Board and General Partner at TVM Capital, Munich.
Direvo Biotech AG
Direvo Biotech AG generates superior bioengineered products and processes for industrial and pharmaceutical markets by enhancing nature's potential. The Company's portfolio includes optimized proteins, optimized bioprocesses and other bio-molecules, to be used in research, for commercial development and on the market. Direvo develops products both independently and with global leading partners such as Danisco/Genencor and NestlÃ©. Direvo Biotech is committed to a tailored approach to addressing customer needs and market opportunities.
Direvo's industrial biotechnology business focuses on food & feed, and biorefinery markets. The Company provides solutions through discovery, development and scale up of enzymes, other molecules and strains. Industrial biotechnology at Direvo emphasizes environmental sustainability and the use of renewable resources. For example, collaboration with Danisco A/S yielded an improved phytase enzyme that has reached the market as part of a Danisco/Genencor product.
Direvo's biopharmaceutical business focuses on therapeutic antibodies and proteases. Applying its powerful and proven protein engineering capabilities, Direvo generates improved second generation therapeutics and discovers and optimizes novel first-generation therapeutics. Direvo offers early stage partnering from internal discovery programs as well as collaborations on the optimization of a wide range of therapeutic proteins.
Direvo is dedicated to increasing value for its investors. The Company's highly experienced management team is building a thriving biotechnology business that offers attractive investment and exit opportunities in the fastest growing market segments of Biotechnology. Direvo is founded on a strong international investor base that has demonstrated their confidence in the growth potential of the Company in three rounds of financing raising over â‚¬30 million.