NBE Therapeutics Raises CHF 20 Million In Series B Funding
11/3/2016 9:44:40 AM
Basel, Switzerland, November 03, 2016 / B3C newswire / -- NBE Therapeutics AG, a biopharmaceutical company developing next-generation antibody-drug conjugates (ADCs) for improved cancer therapy, today announced closing of a CHF 20 million Series B financing round. PPF Group led the round with participation from Boehringer Ingelheim Venture Fund, all other existing private investors and a new private investor. The funds will enable NBE to advance the lead product of its ADC pipeline to the end of phase I/II clinical trials and further develop its cutting-edge platforms.
NBE develops next-generation ADC products with the potential to improve the outcome for cancer patients, as it continues to develop ADCs based on its Transpo-mAb™ antibody platform, site-specific SMAC™ conjugation technology and novel ultra-potent toxin platform.
“We highly value the support from our existing and new investors in this significant Series B round. PPF joining the consortium is a strong endorsement of our ADC platform, our team and our strategy,” Dr. Ulf Grawunder, CEO of NBE Therapeutics commented. “The proceeds from this financing round and the expertise provided by our shareholders will allow NBE to progress to a clinical stage company and advance our ADC platform and products to clinical proof-of-concept.”
Dr. Frank Kalkbrenner, head from the BI Venture Fund welcomes the additional investors supporting the maturation of the highly innovative technology of NBE Therapeutics.
“This is a key step for NBE Therapeutics, validating their promising technology and providing the opportunity to validate their ADC assets in the clinic. The Boehringer Ingelheim Venture Fund is delighted to see another part of its broad cancer portfolio moving forward successfully.”
As part of the transaction, Dr. Jens Hennecke, CBO of SOTIO a.s., has joined the board of directors of NBE. SOTIO is an international biotechnology company developing therapies for the treatment of cancer. As a member of PPF Group, SOTIO is spearheading PPF’s investment and partnering activities in the biotechnology sector.
“NBE’s next-generation ADC platform with its excellent scientific results provides the basis for novel and highly differentiated cancer therapies,” Dr. Jens Hennecke comments. “We are excited about leading this round of funding and look forward to working with NBE over the coming years as it validates the potential of the products to the benefit of patients suffering from solid and hematologic cancers.”
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About NBE Therapeutics AG
NBE-Therapeutics is a privately owned Swiss, Basel-based biotech company, founded in 2012 with the vision to develop next-generation ADC products. The products will be advanced to clinical proof of concept with the goal of improving treatment options for cancer patients. The company leverages proprietary platforms covering all aspects of ADC development: its patented Transpo-mAb Display™ technology for antibody discovery, patent pending SMAC-Technology™ for site-specific payload conjugation of toxins to antibodies and a novel ultra-potent anthracycline-based toxin platform. The company is financially backed by the Boehringer Ingelheim Venture Fund and additional private investors.
About Boehringer Ingelheim Venture Fund GmbH
The Boehringer Ingelheim Venture Fund (BIVF) was formed in March 2010 to invest in biotechnology and start-up companies to help drive innovation in medical science. The investment focus include - but is not limited to immunomodulation, esp. immuno-oncology, tissue regeneration, new therapeutic modalities, e.g. gene therapy, cell-based therapeutics, ADC, and microbiome. These reflects BIVF’s interest in platform technologies and the extension of the current therapeutic area focus of Boehringer Ingelheim (BI) and demonstrate BIVF’s commitment to investigate new treatment modalities and technologies, beyond BI’s existing landscape, for the potential future benefit of patients. BIVF takes an active role with its portfolio companies – delivering significant added value through its own extensive drug discovery, scientific and managerial expertise. The BIVF has €100 million under management and supervises currently a portfolio of 17 active companies.”
PPF Group invests into multiple market segments such as banking and financial services, telecommunications, biotechnology, real estate, retail, insurance and agriculture. PPF’s reach spans from Europe to Russia, the USA and across Asia. PPF Group owns assets exceeding EUR 24.2 billion (as at 30 June 2016).
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