Covagen, a Swiss preclinical-stage biotech company, secured CHF42m in Series B financing.
The round was led by new investor Gimv (with CHF 8.3m) with 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, Inc. In conjunction with the financing, Dr. Karl Naegler, Partner Health & Care at Gimv, and Avi Kometz, M.D., partner at Ascent Biomedical Ventures, joined Covagen’s board of directors.
The company, which also has an option to obtain an additional CHF14m, intends to use the funds for the clinical development of its lead FynomAb® COVA322, the first clinical candidate generated using its proprietary FynomAb platform technology, and further advancement of its diverse discovery programs in oncology. COVA322 is a bispecific TNF/IL-17A inhibitor for the treatment of rheumatoid arthritis, psoriatic arthritis and other inflammatory diseases and is expected to enter clinical trials in early 2014.
Current research is focused on the generation of bi- and trispecific FynomAb drug candidates with tailored architectures and novel modes-of-action in the fields of CD3 therapeutics, immunomodulation and bispecific antibody-drug conjugates (ADCs).
Led by Julian Bertschinger, Ph.D., chief executive officer, the company had already raised a total of CHF14m.
02/12/2010: Covagen Closes CHF6.3M Series A Financing Round
01/12/2009: Switzerland, Covagen Secures Equity Financing