Inoviem Scientific Raises €500,000 in Seed Funding from Cap Innov’Est
News Feb 12, 2015
Inoviem Scientific has announced that it has raised €500,000 ($566,000) in seed funding with Cap Innov’Est. Inoviem Scientific leverages two proprietary technologies to offer the pharmaceutical industry access at all stages of drug development.
Inoviem supports all stages of drug development, from drug discovery (identification of primary and secondary targets, detection of potential adverse effects) though to clinical trials (patient stratification, identification of biomarkers, etc.)
“Our aim is two-fold: to improve drug development for better treatment adaptation, and to alleviate suffering and improve the quality of life for patients and their families,” said Dr. Eftekhari, founder and chairman of Inoviem Scientific.
The standard technologies in drug discovery analyze interactions between a drug and its target by subjecting them to a controlled, determinate and stable environment. This laboratory environment is very different from the natural environment in which the drug will evolve. The lab approach is removed from the real relationship that the drug has with the whole body.
Inoviem Scientific has a disruptive approach to drug discovery. Inoviem’s technologies are based on new biophysical analysis techniques. It is one of the first companies in the world to conduct label-free analysis of the interaction between a candidate drug and its target, using human samples directly from patients.
Inoviem Scientific is heading away from a general focus on molecular biology and prefers to consider the biological system as a whole. This approach to physiological studies allows Inoviem Scientific to obtain accurate and reproducible results in record time.
After only 18 months in business, Inoviem Scientific has already signed five agreements with pharmaceutical and biotechnology companies. These academic and private sector players are reaping the benefits of Inoviem Scientific’s high value-added technologies and services for their drug development activities. According to consultants JZMed, Inc. the outsourcing market for drug discovery is a growth market that is set to achieve revenues of $25 billion in 2018.
To consolidate its expansion, Inoviem Scientific approached Cap Innov’Est to raise €500,000 ($566,000). Cap Innov’Est is a seed capital fund for the three French regions of Alsace, Burgundy and Franche-Comté, managed by Alsace Capital in partnership with Invest PME (a subsidiary of private equity group Siparex)
“Until now, Inoviem Scientific has been able to expand through determination and the use of its founders’ capital. Cap Innov’Est’s support will help us to make strides with our current projects and in business development. Inoviem Scientific is committed to ensuring that its disruptive technologies will continue to enhance its analytical capacity. These advantages have made us a partner of choice for pharmaceutical clients,” said founder and chairman Pierre Eftekhari.
“We decided to support Inoviem Scientific on the basis of its convincing technological approach and the high quality of the initial results obtained,” said Jean-François Rax, director of investment at Cap Innov’Est. “We were also very impressed by the level of confidence in the company’s scientific and managerial team expressed by Inoviem’s partners.”
This investment of €500,000 ($566,000) will allow Inoviem to put its technologies into production and enter the European market over the next 12 months. The company expects to increase its staffing by 50% in 2015 to support its European expansion plans. At the start of 2015 Inoviem opened an office in Frankfurt, Germany, to grow its business in the German, Austrian and Benelux markets.
“The support from Cap Innov’Est will strengthen our partners’ confidence in the growth of Inoviem Scientific,” said Frédéric Perraud, CFO at Inoviem. “These additional funds show that despite being a young company, Inoviem is robust and able to successfully implement its expansion plan. We now have a reliable long-term partner for growth in our ambitious projects.”