Germany, ELARA Pharmaceuticals Raises €4.6M
ELARA Pharmaceuticals GmbH, a Heidelberg, Germany-based biotech company focused on the development of drugs for the treatment of different cancers, closed of a € 2.6m Series A financing round.
According to an official statement from the company, the financing will trigger an additional €2m from the BMBF GOBio and the Biotechnologie Rhein-Neckar (BioRN) Spitzencluster programs, leading to a total funding of € 4.6m.
The round was led by EMBL Ventures, with participation from Kreditanstalt für Wiederaufbau (KfW) and Wagnisfinanzierungsgesellschaft für Technologieförderung in Rheinland-Pfalz mbH (WFT), a subsidiary of Investitions- und Strukturbank Rheinland-Pfalz (ISB) GmbH.
In conjunction with the financing Dr. Christof Antz, formerly Managing Partner at EMBL Ventures and Chairman of ELARA’s Board, was named as Chief Business Officer and member of the Executive Management Team.
In addition, Dr. Gerhard Keilhauer, CEO of Lipid Therapeutics GmbH, Heidelberg, and former Head of the Preclinical Oncology at BASF Pharma/Knoll in Massachusetts, has joined the Board of ELARA.
Founded in 2006 as a spin-out of the European MolecularBiology Laboratory (EMBL) in Heidelberg, Germany, the company focuses on the discovery and development of innovative Hypoxia Inducible Factor (HIF) antagonizing drugs for the treatment of different cancers.