Nuevolution A/S Raises € 11 Million in New Financing Round
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|Tuesday, 19 June 2012 13:30 (UTC + 2)|
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
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.
"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”.
About SEB Venture Capital
About Sunstone Capital
Stig Løkke Pedersen, Chairman
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.