Covagen Closes CHF6.3M Series A Financing Round
Published On December 2, 2010 |
Covagen, a Zurich, Switzerland-based company that develops a novel class of protein therapeutics (Fynomers), closed a CHF6.3m Series A financing round.
The round was led by new investor Seroba Kernel Life Sciences, with participation from existing investors Edmond de Rothschild Investment Partners (EdRIP), MP Healthcare Venture Management, Inc. (MPH), Novartis Venture Fund, and Ventech.
As stated by Covagen’s CEO Dr. Julian Bertschinger, the funding will allow the company to progress towards generating key proof of principle data for its lead drug candidate.
Covagen commercializes protein drugs for the treatment of inflammatory diseases and cancer by using its proprietary protein engineering technology, which has been developed at ETH Zurich (Switzerland). Covagen’s platform comprises a novel single domain protein scaffold, which -in analogy to antibodies- can be engineered to yield high affinity binding proteins called Fynomers, which can be used for therapeutic applications.
In conjunction with the funding, Dr. Jonathan Hepple, Partner of Seroba Kernel, will join Covagen’s board of directors.