BioImage, an emerging drug discovery company spun out of Novo Nordisk, has announced the closing of a euro 15.2 million (US$13.6 million) second round financing package
Abingworth Management and Funds advised by Apax Partners, an existing shareholder, led the new financing round and were joined by a further new investor the Danish based company Novo.
The capital raised will be used for exploiting the company's unique technologies in cell based screening and the continued drug discovery effort focused on identifying more selective drug candidates within a number of therapeutic areas.
Newly appointed Patrik Dahlén, CEO of BioImage, said: "BioImage has an enormous scientific and commercial opportunity to create new drug candidates through our ability to monitor intracellular events and protein translocation in real time.
Redistribution, the visualisation and measurement of protein translocation in living cells, was merely a scientific concept a couple of years ago, but is now widely recognised in the industry.
Using this novel technology we have already generated early drug candidates with a new mode of action.
We are delighted to have the support of high quality life science investors in this financing round.
Their experience and contacts within the global life science area as well as local coverage will be extremely valuable as we build our company." David Leathers, director at Abingworth Management, said: "BioImage is our first investment in Denmark.
We pursue investment opportunities where we find breakthrough science with clear commercial opportunities, which BioImage has already shown through its partnership with Amersham Biosciences. " Stephen Thompson, director of Apax Partners, said: "Apax Partners facilitated BioImage's spin off from Novo Nordisk in 1999.
We invested in a company with a proven scientific track record and an excellent portfolio of patent applications.
We are delighted to participate in this subsequent financing round, investing in a company that has a commercial, viable patent portfolio and an enormous potential as a result of its strong management team, its novel drug discovery approach and pipeline of projects.
" Ulrik Spork, chief investment officer at Novo, said: "We have been following BioImage's achievements for some years.
It is a prime example of commercialisation of unique Danish research, and we are thrilled to be an investor in the company".
BioImage uses its expertise in Redistribution technologies to discover drug candidates that change the activity of specific signaling pathways without inhibiting the catalytic activity of signaling proteins.
The company was spun off from Novo Nordisk in 1999 with venture funds advised by Apax Partners.
Today, the company employs approximately 40 people at its research facility in Copenhagen.
