NBE Therapeutics Closes a CHF 20 Million Financing by Novo Holdings A/S
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- Published on Thursday, 28 June 2018 11:13
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BASEL, Switzerland I June 28, 2018 I NBE Therapeutics AG, a biopharmaceutical company developing next-generation antibody-drug conjugates (ADCs) for improved cancer therapy, today announces a CHF 20 million extension of the Series B round. Together with an earlier CHF 20 million series B financing, led by PPF Capital Partners Fund (PPF) with the participation of the Boehringer Ingelheim Venture Fund (BIVF) and private investors, the total series B financing round of NBE-Therapeutics has reached CHF 40 million. Novo Holdings becomes a major shareholder of NBE Therapeutics, alongside BIVF and PPF. The additional financing will allow NBE to advance the lead program NBE-002 targeting ROR-1 primarily for the treatment of solid tumors into clinical development and additional ADC pipeline programs through early development.
NBE develops next-generation ADCs based on its proprietary site-specific SMAC-conjugation™ technology and a novel ultra-potent anthracycline-based toxin platform with the objective to develop first- and best-in-class ADC product candidates against tumor targets in cancer indications of high, unmet medical need.
Dr. Ulf Grawunder, CEO of NBE Therapeutics commented: “The additional investment by Novo into NBE-Therapeutics, represents another strong endorsement of our ADC platform, our team and our strategy for developing promising ADC product candidates for the benefit of cancer patients.” He continues: “We are particularly excited that Novo Holdings, with its outstanding track record and reputation in the field of life-science investments, has become a major shareholder of NBE-Therapeutics.”
As part of the transaction, Dr. Nanna Lüneborg, partner in the Novo Ventures team of Novo Holdings, has joined the Board of Directors of NBE-Therapeutics.
Theo Walthie, Chairman of NBE-Therapeutics welcomes Nanna Lüneborg and Novo Holdings as new partners of NBE Therapeutics and adds: “This is another important milestone in the development of NBE Therapeutics toward a clinical-stage ADC company. With the strong backing of three institutional investors, Novo, BIVF and PPF, and dedicated private investors, we are looking forward to advancing NBE-Therapeutics’ lead ADC program, NBE-002, into the clinic.”
Dr. Nanna Lüneborg comments: “We are excited to become shareholders of NBE-Therapeutics, and we look forward to working with the team and the Board to develop novel ADCs for the benefit of cancer patients in need of better targeted therapies.”
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 DisplayTM technology for antibody discovery, patent pending SMAC-TechnologyTM for site-specific payload conjugation of toxins to antibodies and a novel ultra-potent anthracycline-based toxin platform. The company is financially backed by Novo Holdings, the Boehringer Ingelheim Venture Fund, the PPF Capital Partners Fund and additional private investors.
About Novo Holdings A/S
Novo Holdings is a Danish private limited liability company wholly owned by the Novo Nordisk Foundation. Established in 1999, Novo Holdings is the holding company of the Novo Group and manages the Foundation's investment assets.
In addition to being the major shareholder in the Novo Group companies, Novo Holdings invests the wealth of the Foundation in two key categories: 1. Life Science Investments, which includes investing in life science companies at all stages of development; and 2. Financial Investments, which manages a diversified portfolio of equity and fixed income securities. Working out of Copenhagen, San Francisco and Boston, Novo Holdings is a world-leading life science investor with a focus on creating long-term value.
The purpose of the investments of Novo Holdings is both to grow the assets of the Foundation and to deliver a return that the Foundation can distribute for scientific, social and humanitarian purposes to improve the health and welfare of people.
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 includes - 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 reflect 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 €250 million under management and supervises currently a portfolio of 23 active companies.”
PPF Capital Partner Fund belongs to the PPF Group, which 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 38 billion (as at 31 December 2017).
SOURCE: NBE Therapeutics