Nuevolution A/S Raises € 11 Million in New Financing Round
News Jun 22, 2012
Nuevolution A/S has 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 ChemeticsÒ 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 ChemeticsÒ 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”.