Innovacell Raises €8.3M
Innovacell, a Bregenz, Austria-based biotechnology company, has raised €8.3m (approximately $11m) in funding.
Backers include Buschier, Fides, HYBAG and uni venture.
The funding, which will be provided in two tranches, will be used for the clinical development (Phase III study) of ICES 13, a cell-therapy for the treatment of stress-urinary incontinence (ICES13) and faecal incontinence.
CEO Dr. Ekkehart Steinhuber expects to see the first results from the Phase III study in the fourth quarter of 2012, with central EU authorisation from the European Medicines Agency which is needed to market the therapy, following in 2013.
Innovacell currently employs 20 staff as well as numerous outside experts.