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Gimv leads €34m Series B investment in preclinical biotech developer Covagen

10 Dec 2013

Belgium-based investment firm Gimv has led a CHF42m (€34m) tranched Series B financing round for preclinical-stage biotech company Covagen, one of the largest private financing rounds of its kind.

Gimv invested CHF 8.3m (€6.8m) and the round includes the participation of new investor Ascent Biomedical Ventures and existing investors Novartis Venture Fund, Edmond de Rothschild Investment Partners, Seroba Kernel Life Sciences, Ventech and MP Healthcare Venture Management. Previously, the company had raised a total of CHF14 m.

The round includes an option to invest an additional CHF14m that would increase the total amount of the financing round to CHF56m.

The investment will mainly support the clinical development of Covagen’s lead product, the first clinical candidate generated using Covagen’s proprietary platform technology. It is focused on the treatment of rheumatoid arthritis, psoriatic arthritis and other inflammatory diseases has a novel mechanism of action not accessible with monoclonal antibodies.In addition, the proceeds from the Series B financing will further advance Covagen’s diverse discovery programs in oncology.

In conjunction with the financing, Dr Karl Naegler, partner – health & care at Gimv, and Avi Kometz, partner at Ascent Biomedical Ventures, have joined the board of directors.

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