Closing on € 30 million, AstriVax has raised the largest amount of seed capital in the history of spin-offs linked to Belgium-based university KU Leuven.
• The funding round was led by V-Bio Ventures and Fund+. The other investors are Flanders Future TechFund, Thuja Capital, Ackermans & van Haaren, Mérieux Equity Partners (via OMX Europe Venture Fund), BNP Paribas Fortis Private Equity, and the KU Leuven Gemma Frisius Fund.
Leuven, Belgium, 25 August 2022 – Closing on € 30 million, AstriVax has raised the largest amount of seed capital in the history of KU Leuven spin-offs. The company will draw on technology developed at the KU Leuven Rega Institute to develop novel vaccines that are easy to produce, have reduced cold chain requirements, and offer broad and long-lasting protection against various viruses and other pathogens.
The funding round was led by V-Bio Ventures and Fund+. The other investors are Flanders Future TechFund, Thuja Capital, Ackermans & van Haaren, Mérieux Equity Partners (via OMX Europe Venture Fund), BNP Paribas Fortis Private Equity, and the KU Leuven Gemma Frisius Fund.
AstriVax will use the seed capital to bring their first thermostable yellow fever vaccine to the clinical development stage and to further develop their pipeline vaccine candidates – one to prevent rabies and one to treat chronic hepatitis B.
The company will also continue to build its highly innovative, first-in-class plug-and-play vaccine platform based on the ground-breaking work of co-founders Professor Johan Neyts and Kai Dallmeier, PhD, from the KU Leuven Rega Institute. The versatile technology of AstriVax can be used to develop a wide range of vaccines to prevent and treat infectious diseases. AstriVax aims to address major challenges in vaccinology, such as the duration of protection and the ease of production. As the vaccines will no longer require a strict cold chain, getting them from the factory to patients will be easier, even in tropical and subtropical regions.
Hanne Callewaert, PhD, will lead the company as CEO. She has over 15 years of experience in the life sciences industry, including several leadership positions in companies such as GSK Vaccines and Oxurion. She said: “I feel privileged to work with the world-renowned team of Professor Johan Neyts and Kai Dallmeier to spin out this vaccine platform technology that holds such broad potential in addressing unmet medical needs. Being funded and supported by a strong consortium of investors will bring AstriVax’s technology into clinical validation. I see this as a strong confirmation of the confidence in the potential of the technology, team, and collaborations.”
Professor Johan Neyts (KU Leuven), co-founder, said: “After more than ten years of hard work and dedication, our academic team has developed and refined a novel, potent, and versatile vaccine approach. Kai Dallmeier and I are thrilled that AstriVax will bring our revolutionary vaccine technology to clinical development. This will significantly increase the number of people we can protect and treat against dreadful infectious diseases on all continents. We are also excited to work with CEO Hanne Callewaert, with the support of an enthusiastic and experienced consortium of investors and advice from authorities in the field.”
Shelley Margetson, managing partner at V-Bio Ventures, said: “We are impressed with the quality of the scientific work that has been done by Johan Neyts and Kai Dallmeier over the past years at KU Leuven. Turning academic excellence into valuable products for society through the creation of spin-out companies is at the heart of V-Bio Ventures.“
Caroline Goddeeris, PhD, principal at Fund+, added: “We greatly appreciate the expertise of the founders and team at Astrivax, and are convinced that the thermostable plug-and-play vaccine platform has great potential to prevent and treat a large array of diseases through the remarkable immune response it elicits. Fund+ is honoured to be part of the Astrivax story and to contribute to the lives of people and patients worldwide.”
AstriVax will be headquartered at the BioHub in Haasrode (Leuven), Belgium.
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As the number one European university for innovation, KU Leuven actively invests in launching innovative technologies in the commercial market by creating spin-off companies, securing and licensing intellectual property, and collaborating with industrial partners. KU Leuven supports researchers and students in transforming their innovative ideas and technologies into commercial products and services that impact people’s lives across the globe. As such, KU Leuven encourages young entrepreneurs to develop a solid business plan, validate the market, and build a coherent team. Since its creation in 1972, KU Leuven Research & Development has supported the creation and growth of 149 spin-off companies, directly employing more than 7,000 people. KU Leuven’s spin-off companies constitute huge economic leverage for the Leuven region. From 2005 to 2021, KU Leuven invested € 21.7 million in its spin-off companies, and € 1.46 billion of external capital was raised. 122 of KU Leuven’s spin-off companies, of which the first was established in 1979, are still active today. Many have a leading international position. Seven spin-off companies have had an Initial Public Offering (IPO) on the stock exchange.
Please visit http://lrd.kuleuven.be/en/spinoff for more information.
V-Bio Ventures is an independent venture capital firm specialised in building and financing young, innovative life science companies. V-Bio Ventures was established in 2015 and works closely with Belgium-based VIB, one of the world’s premier life science institutes. The fund invests throughout Europe in start-up and early-stage companies with high growth potential focusing on technologies that provide transformational improvements in the biopharmaceutical, pharmaceutical, diagnostics and agricultural sectors. V-Bio Ventures’ cornerstone investor is the European Investment Fund (EIF). EIF’s contribution is supported by InnovFin Equity, with the financial backing of the European Union under Horizon 2020 Financial Instruments and the European Fund for Strategic Investments (EFSI) set up under the Investment Plan for Europe.
Fund+ is a Belgian venture capital firm that invests in innovative European Life Sciences companies developing drugs, medical devices and diagnostics, with a strong focus on patient-centric approaches and major unmet medical needs. With over €200M in assets under management, Fund+ has built a strong track record since 2015, investing in 18 portfolio companies with two major exits. The fund is managed by a specialist team of seasoned life sciences professionals with healthcare industry, corporate finance and strategy consulting experience, supporting companies throughout their growth cycle. The company aims to maintain a leading position in the Life Sciences sector, creating sustainable value for its shareholders and a tangible impact on society.
The Flanders Future Techfund is an early-stage financing fund that wants to meet the financing needs of early technology initiatives of research centres, universities and Flemish spearhead clusters, as well as private parties. Through its investments, the Flanders Future Techfund wants to focus on the valorization of technology developed by Flemish companies, with particular attention to the spearhead domains of Care & Welfare, Digital Transformation and Climate & Sustainability. The Flanders Future Techfund has a fund size of € 75 million and can provide financing from 0.5 to 5 million euros. The Flemish investment company PMV was appointed for the operational management of the Flanders Future Techfund.
Thuja Capital Management (Thuja) manages several venture capital funds aimed at building and scaling companies in the fields of (bio)pharmaceuticals, medtech, and digital health. In addition to generating a financial return for its investors, Thuja’s investments positively impact the health and well-being of patients. Thuja serves physicians and patients worldwide by providing capital to daring entrepreneurs with ground-breaking product concepts locally.
Ackermans & van Haaren (AvH), with offices in Antwerp and Singapore, positions itself as the long-term partner of choice of family businesses and management teams to help build high-performing market leaders and contribute to a more sustainable world. AvH is a diversified group operating in 4 core sectors: Marine Engineering & Contracting, Private Banking, Real Estate and Energy & Resources. AvH also provides growth capital to sustainable businesses, including in the Health Care and Life Sciences industry. At an economic level, the AvH group represented in 2021 a turnover of € 6.0 billion and employed 22,653 people through its share in the participations. AvH is listed on Euronext Brussels and is included in the BEL20 index and the European DJ Stoxx 600 index.
Mérieux Equity Partners (‘MxEP’) is an AMF-accredited management company dedicated to equity investments in the health and nutrition sector. MxEP actively supports entrepreneurs and companies with differentiated products and services, giving them privileged access to its sector expertise and international network. MxEP currently manages over € 1 billion in assets and recently closed its latest Venture Capital fund, OMX Europe Venture Fund, with the co-sponsorship of Korys. www.merieux-partners.com
BNP Paribas Fortis Private Equity, the venture capital arm of BNP Paribas Fortis, has been active in the private equity market in Belgium for over 40 years. BNP Paribas Fortis Private Equity takes minority stakes and provides mezzanine financing to high-performing medium-sized Belgian companies. In addition, BNP Paribas Fortis Private Equity is active as an investor in specialised venture capital and private equity funds present on the Belgian market. Direct participations of BNP Paribas Fortis Private Equity include Studio 100, reMynd, eTheRNA, Quality Assistance and Konings.
The Gemma Frisius Fund (GFF) is a seed capital fund established in 1997 as a joint venture between KU Leuven, KBC Private Equity, and BNP Paribas Fortis Private Equity. It combines the research and technology transfer expertise of the university with the financial and investment expertise of the two financial partners. GFF provides seed capital in the early development phases of innovative, research-based spin-off companies originating from all technology domains and supports their growth process.
http://lrd.kuleuven.be/en/spinoff/gemma-frisius-fund.
Ghent, Belgium, 31 August 2022 – V-Bio Ventures portfolio company Biodol Therapeutics, a French biotech company developing next-generation neuropathic pain treatments, announces the nomination of its first preclinical candidate. The company aims to advance into IND-Enabling studies, initiating Phase 1 studies in the second half of 2023.
Neuropathic pain is a chronic condition with only few treatment options to date. Limited efficacy and debilitating side effects are common with current therapeutics. Biodol Therapeutics is tackling neuropathic pain in a novel way, by targeting the neuro-immune interface. The compound has shown exceptional activity in a wide range of preclinical pain models combined with an excellent safety profile.
Biodol Therapeutics has identified FLT3 (a Receptor Tyrosine Kinase (RTK)), as a key player for triggering and maintaining chronic neuropathic pain. Biodol Therapeutics has shown that inhibiting FLT3 reduces the three main symptoms of neuropathic pain (allodynia, pain hypersensitivity, and spontaneous pain), without affecting normal nervous system functioning. The company’s candidate is a small-molecule allosteric FLT3 inhibitor, suitable for chronic oral administration and without the safety limitations of less specific intracellular kinase inhibitors.
The company has gathered a highly favorable pharmacology and safety data package, with validation in multiple pathophysiological models of neuropathic pain. Following the validation by external experts – and thanks to its Series A fundraising in 2020 with the support of V-Bio Ventures – the company can now start Regulatory Preclinical Development before entering clinical phases.
The attractive profile of the compound enables the company to move forward and pursue its program up to its investigational new drug (IND) application. In parallel, Biodol Therapeutics is finalizing its clinical plan together with its network of medical experts. These clinical trials will be funded via a Series B round, expected in 2023.
V-Bio Ventures (www.v-bio.ventures) is an independent venture capital firm specialized in building and financing young, innovative life science companies. V-Bio Ventures was established in 2015 and works closely with Belgium-based VIB, one of the world’s premier life science institutes. The fund invests throughout Europe in start-up and early-stage companies with high growth potential, focusing on technologies that provide transformational improvements in the biopharmaceutical, pharmaceutical, diagnostics, and agricultural sectors.
Biodol Therapeutics (www.biodol.eu), founded in 2015, develops first-in-class compounds for the treatment of chronic pain (CP). Biodol Therapeutics has identified the Receptor Tyrosine Kinase (RTK) FLT3 as a key player for triggering and maintaining the chronic neuropathic pain (NP) state. The company is focused on the development of allosteric inhibitors of the FLT3 receptor for the treatment of chronic pain. Biodol Therapeutics already owns the exclusive rights on a portfolio of 4 patents. The company has been supported by BPI France, Satt AxLR, Inserm Transfert, Region Occitanie, the French National Research Agency, SEMIA Incubator and Montpellier Business and Innovation Centre.
Ghent, Belgium, 31 March 2022 – V-Bio Ventures announced the final closing of its second fund, V-Bio Fund 2, having raised EUR 110 million euro and exceeding its target of EUR 100 million.
Together with their first fund, V-Bio Fund 1, V-Bio Ventures will have over EUR 185 million under management, putting it in a very good position to fund promising innovative companies. Almost all limited partners of their first fund are participating in this second fund, as are multiple new investors. V-Bio Ventures is a venture capital company that focuses specifically on the segment of young pioneering biotech companies and its strategy to invest in transformational companies in the medical and agricultural sector will remain unchanged in this second fund. V-Bio Fund 2 will also maintain its fruitful relationship with VIB, Europe’s leading life sciences institute, to access deals from the renowned research center that has spun out multiple successful biotech companies such as Ablynx.
V-Bio Ventures is expanding their team from seven to nine experienced investment professionals with a scientific background and a wealth of experience from biotech companies and investment funds. Shelley Margetson joined the fund as Managing Partner, bringing her expertise as senior executive in multiple European biotechnology companies, including Nasdaq-listed Merus (MRUS). In addition to expanding the team, Ward Capoen, who has been with V-Bio Ventures since the start of the first fund, is being promoted to Partner.
Recent portfolio successes of V-Bio Ventures include Syndesi Therapeutics, which was acquired earlier this year by AbbVie for up to $1bn, as well as Agomab and Precirix having raised EUR 63m and 80m respectively from international investment syndicates. Since its inception in 2015 V-Bio Ventures has invested in nineteen companies, has co-created seven of them, and has helped to advance eight therapies into clinical development and closer to patients.
Christina Takke and Willem Broekaert, Founding Managing Partners of V-Bio Ventures: “We are extremely pleased to have received the confidence of both existing and new investors and look forward to continuing our proven strategy to invest early in new or young ventures based on outstanding science and to support their management teams through the initial value creating milestones.”
V-Bio Ventures (www.v-bio.ventures) is an independent venture capital firm, specialized in developing and financing young, innovative life sciences companies. V-Bio Ventures was founded in 2015 and works closely with Belgium-based VIB, one of the world’s leading research institutes in the life sciences. The fund invests across Europe in high growth potential start-ups targeting transformational innovations in the biotech, pharmaceutical and agricultural sectors.
Ghent, Belgium, 16 March 2022 – V-Bio Ventures today announced the completion of a EUR 80 million Series B round of its portfolio Company Precirix NV led by new investors INKEF Capital, Jeito Capital and Forbion as co-leads.
“We are delighted to announce this major milestone and are grateful for the strong investor support. The addition of Inkef, Jeito and Forbion, three leading VC funds in the healthcare sector, significantly reinforces our international shareholder base”, said Ruth Devenyns, CEO of Precirix. “The investment will allow Precirix to accelerate its growth trajectory and to further validate and broaden the technology platform.”
Precirix’s platform brings together several unique features and facilitates the development of radiolabelled single-domain antibodies (sdAbs) for multiple targets, in combination with different isotopes and applicability in various settings. The company’s lead product candidate, CAM-H2, is currently in a Phase I/II study for the treatment of HER2-positive metastatic breast and gastric cancer. The study allows inclusion of patients with brain metastases, a population in urgent need of effective therapies. Initial imaging data provide confidence in the potential of CAM-H2 to address the unmet medical need in this population. Patients are now being enrolled in the second cohort of the dose-escalation phase, following the absence of any dose-limiting toxicities in the first cohort and a positive review from the Safety Review Committee.
The proceeds of this financing round will fund the development and expansion of Precirix’s pipeline. More specifically, the company will advance CAM-H2 through its ongoing Phase I/II study and plans to bring additional novel radiopharmaceuticals to the clinic. Precirix will also focus on further strengthening the platform, using its potential to generate new product candidates, linkers, and CMC processes.
Simone Botti, Partner at INKEF Capital, Sabine Dandiguian, Managing Partner at Jeito and Jasper Bos, General Partner at Forbion Growth will join Precirix’s Board of Directors.
The company’s existing shareholders Gimv, HealthCap, Novo Holdings, Pontifax Venture Capital, V-Bio Ventures, BioMed Partners, as well as the seed investors, continue to support the company, having all participated in the round.
Christina Takke, Managing Partner at V-Bio Ventures, commented: “Today’s financing is a recognition of the company’s achievements over the past years. We are excited to be part of this journey since co-leading the Series A round in November 2018. We are privileged to have secured the financing from such a highly reputed international syndicate. This allows the company to advance highly needed therapeutics closer to patients in need.”
Precirix is a private, clinical-stage biopharmaceutical company founded in 2014 as a spin-off from the VUB, dedicated to extending and improving the lives of cancer patients by designing and developing precision radiopharmaceuticals, using camelid single-domain antibodies labelled with radioisotopes. The company has a broad pipeline with one product candidate in a Phase I/II clinical trial and two in advanced preclinical stage. Research on multiple isotopes, linker technology and combination therapies further expand the platform. Precirix’s technology also allows for a theranostic approach, where patients can be selected using a low dose/imaging version of the product, followed by a therapeutic dose for treatment. https://www.precirix.com/
V-Bio Ventures is an independent venture capital firm specialized in building and financing young, innovative life science companies. V-Bio Ventures was established in 2015 and works closely with Belgium-based VIB, one of the world’s premier life science institutes. The fund invests throughout Europe in start-up and early-stage companies with high growth potential focusing on technologies that provide transformational improvements in the biopharmaceutical, pharmaceutical, diagnostics and agricultural sectors. www.v-bio.ventures
Ghent, Belgium, 1 March 2022 – V-Bio Ventures today announced the completion of the acquisition of its portfolio company Syndesi Therapeutics SA by AbbVie (NYSE: ABBV), which will help to expand AbbVie’s neuroscience portfolio. This acquisition gives AbbVie access to Syndesi’s portfolio of novel modulators of the synaptic vesicle protein 2A (SV2A), including its lead molecule SDI-118. The mechanism is currently being evaluated for the potential treatment of cognitive impairment and other symptoms associated with a range of neuropsychiatric and neurodegenerative disorders, such as Alzheimer’s disease and major depressive disorder.
“There is a major unmet need for new therapies that can help improve cognitive function in patients suffering from difficult-to-treat neurologic diseases,” said Tom Hudson, M.D., senior vice president, R&D, chief scientific officer, AbbVie. “With AbbVie’s acquisition of Syndesi, we aim to advance the research of a novel, first-in-class asset for the potential treatment of cognitive impairment associated with neuropsychiatric and neurodegenerative disorders.”
The lead molecule, SDI-118, is a small molecule currently in Phase 1b studies, which is being evaluated to target nerve terminals to enhance synaptic efficiency. Synaptic dysfunction is believed to underlie the cognitive impairment seen in multiple neuropsychiatric and neurodegenerative disorders.
“We have been impressed with the vision of AbbVie’s neuroscience R&D team, who share our view on the therapeutic potential of SDI-118 in a range of neurologic diseases,” said Jonathan Savidge, chief executive officer, Syndesi Therapeutics. “I am delighted with the closing of this deal. It has been a pleasure to partner with our investors to investigate the potential of SDI-118 in early clinical studies. Now, as part of AbbVie, the program is well positioned to move into later stages of clinical development.”
Christina Takke, Managing Partner at V-Bio Ventures, commented: ”This transaction strongly validates V-Bio’s strategy to invest early in newly formed ventures based on outstanding science and to support their management teams through the initial value creating milestones. We are extremely pleased with this acquisition by Abbvie, whom we regard as an ideal partner to further develop this program.”
Under the terms of the agreement, AbbVie will pay Syndesi shareholders a $130 million upfront payment with the potential for Syndesi shareholders to receive additional contingent payments of up to $870 million based on the achievement of certain predetermined milestones.
Founded in December 2017 and based in Belgium, Syndesi is a clinical stage biotechnology company pioneering the development of novel therapeutics that modulate synaptic function to relieve the symptoms of cognitive impairment. Syndesi’s unique molecules act pre-synaptically to enhance synaptic efficiency by positively modulating the function of synaptic vesicle protein 2A (SV2A), which plays a central role in regulating neurotransmission.
Syndesi was created through a partnership between UCB Biopharma SRL and a syndicate of Belgian and international investors to further develop novel SV2A modulators that had been originally discovered by UCB. Syndesi’s Series A financing was co-led by Novo Holdings together with Fountain Healthcare Partners, with participation from Johnson & Johnson Innovation – JJDC, Inc., SRIW (Société Régionale d’Investissement de Wallonie), V-Bio Ventures and Vives Fund, along with UCB Ventures. The company has also benefited from support from the Walloon Region. The lead molecule, SDI-118, was discovered by UCB before being out-licensed to Syndesi as of 2018.
Ghent, Belgium, 27 January 2022 – V-Bio Ventures, a venture capital company that focuses specifically on the segment of young pioneering biotech companies, has increased the capital of its second fund V-Bio Fund 2 to 96 million euros. The fundraising will continue for several months, and the fund managers expect the target of EUR 100 million will be achieved.
The investors who were already involved at the start-up of V-Bio Fund 2 in early 2021 are the European Investment Fund (EIF), ParticipatieMaatschappij Vlaanderen (PMV), the Federale Participatie- en Investeringsmaatschappij (FPIM), and BNP Paribas Fortis Private Equity, with in addition various family investment vehicles and university parties (VIB, KU Leuven, and Ghent University). EIF’s investment in V-Bio Fund 2 is backed by the European Fund for Strategic Investments (EFSI), the main pillar of the Investment Plan for Europe. Since then, additional investors have joined V-Bio Fund 2, including KBC Private Partners Life Sciences, Group Vanden Avenne Commodities, the family investment vehicles Korys (Colruyt family) and De Eik (Van Waeyenberge family) and the Dutch real estate and biotech investor Aat van Herk (known for investments in, among others, argenX). Fundraising will continue in the coming months and the total capital of V-Bio Fund 2 is expected to further increase to reach the target amount of EUR 100 million or beyond. In order to internationalize this fundraising, V-Bio Fund 2 was the very first venture capital fund in Belgium to obtain a EuVECA label. Together with their first fund, V-Bio Fund 1, V-Bio Ventures will have in total over EUR 175 million under management, making it one of the largest providers of equity capital to early-stage biotech companies.
V-Bio Ventures specializes in financing and co-creating young biotech companies, both from the medical sector and sustainable agriculture. V-Bio Ventures mainly focuses on projects that build on extraordinary scientific breakthroughs and therefore have the potential to grow into disruptive companies. The venture capitalist has a privileged partnership with VIB (Flemish Institute for Biotechnology), a Flemish research institution that is one of the world’s best in the life sciences and founded successful biotech companies such as Ablynx. In addition to the collaboration with the preferential partner VIB, V-Bio Ventures is looking for exceptional start-ups from other top academic institutes throughout Europe. In order to make the best choices among the most promising projects, V-Bio Ventures has a team of 7 experienced investment professionals with a scientific background and a wealth of experience from biotech companies and investment funds, and can also call on the expertise of more than 1800 scientists connected to VIB. V-Bio Ventures previously invested in the next generation of Belgian biotech star companies such as Confo, Orionis, Agomab, Aphea.Bio, Exevir, Precirix and Protealis, as well as in companies from other European countries, including Muna, Coave, Oxular and Corteria. With the additional financing, V-Bio Fund 2 will further expand its portfolio of exceptional growth companies.
V-Bio Ventures (www.v-bio.ventures) is an independent venture capital firm, specialized in developing and financing young, innovative life sciences companies. V-Bio Ventures was founded in 2015 and works closely with Belgium-based VIB, one of the world’s leading research institutes in the life sciences. The fund invests across Europe in high growth potential start-ups targeting transformational innovations in the biotech, pharmaceutical and agricultural sectors.
Ghent, Belgium, 9 December 2021 – Corteria Pharmaceuticals, a French biotechnology company specialized in the development of interceptive therapies for heart failure subpopulations, today announced the successful completion of its Seed round, providing EUR 12 million to pursue the development of a series of programs in-licensed from Sanofi S.A. (Paris, France). The seed round was led by Kurma Partners and includes V-Bio Ventures, Omnes Capital, and InVivo Capital. As part of the financing, Thierry Laugel (Chair) and Peter Neubeck from Kurma Partners, Ward Capoen from V-Bio Ventures, Claire Poulard from Omnes Capital, and Luis Pareras from InVivo Capital Health will join the Board of Directors.
Despite current standard of care, heart failure continues to affect more than 60 million patients worldwide. Corteria’s R&D programs will address the full spectrum of heart failure deterioration and offer opportunities for developing transformative therapies for the treatment of worsening and acute decompensated heart failure.
Alexandre Mebazaa, Professor at Université de Paris (France): “Congestion is the main cause of repetitive hospitalization and poor quality of life in heart failure patients. Using a multi-parametric strategy, Corteria’s present development program will closely follow our patients to assess severity of congestion and benefits of these novel therapies in worsening heart failure.”
Ward Capoen, Principle at V-Bio Ventures: “Despite many advances, heart failure remains an immense burden on the health care system. We are delighted to join Corteria on its journey to bring new and highly effective solutions to the field.”
Philip Janiak, founder and CEO of Corteria, and former head of cardiovascular research at Sanofi: “We are proposing a new way for developing drugs in heart failure subpopulations, through an innovative patient stratification strategy and a better understanding of the human disease biology. In that respect, target selection has been based on human pharmacology and biomarkers to monitor target engagement in heart failure patients.”
Marie-Laure Ozoux, co-founder and CSO of Corteria, will be supporting the research effort toward drug candidate selection: “We are particularly excited to have nurtured Corteria in close working relationship with Philip and his team. Heart failure represents an incredible medical need that requires medical and pharmacological innovation as well as better patient stratification. We believe Corteria is very well equipped to address these challenges.”
V-Bio Ventures is an independent venture capital firm specialized in building and financing young, innovative life sciences companies. V-Bio Ventures was established in 2015 and works closely with Belgium-based VIB, one of the world’s premier life science institutes. The fund invests throughout Europe in start-up and early-stage companies with high growth potential focusing on technologies that provide transformational improvements in the biopharmaceutical, pharmaceutical, diagnostics and agricultural sectors. https://v-bio.ventures/
Founded in 2021, Corteria Pharmaceuticals is a privately held company developing first-in-class drugs in heart failure subpopulations. Our strategy implies innovative patient stratification and target selection based on human evidence and a better understanding of the disease biology in patients.
We are using cutting-edge methods to stratify the patients and identify those who will benefit the most from our treatments. Our focus is on worsening and acute heart failure. https://www.corteriapharma.
Ghent, Belgium, 8 April 2021 – Today V-Bio Ventures announces its investment in Ghent-based company Protealis, a new spin-off from VIB and ILVO. Inspired by the mission to grow more sustainable plant-based proteins locally, Protealis aims to harvest the full potential of legume crops. With innovative breeding technologies and proprietary seed coatings, Protealis will create new opportunities for European farmers to help overcome Europe’s protein deficit. The initial focus is to develop high-yielding, high-protein soybean varieties. V-Bio Ventures led the EUR 6 million seed financing round joined by Agri Investment Fund (AIF), Participatiemaatschappij Vlaanderen (PMV), Estari Group, Globachem Group, Gemma Frisius Fund and VIB. The capital will support the company’s plans to further develop its proprietary technology, expand its crop portfolio and bring the first soy varieties adapted to local needs to the market by 2022.
Europe is over 70% dependent on import for its supply of protein-rich crops. However, the millions of tons of soy we annually import from South America to cover for our deficits comes at the expense of rain forests and their unique ecosystems. Moreover, there is a growing consumer demand for sustainable, local and more high-quality plant-based protein for direct use in food applications. To future-proof protein supply and consumption in Europe, a shift towards local plant protein production is urgently needed and endorsed by EU and Flanders’ policies. However, soybean varieties bred up until now do not typically thrive in our local soil and climate.
Protealis’ goal is to develop high-protein and high-yielding protein crops that are well adapted to our climate and the needs of local agriculture. Legume crops are an excellent source of protein and can be grown sustainably as they do not require nitrogen fertilization. With their soil-improving characteristics, legumes are an excellent addition for farmers in crop rotation. Soy, with up to 46 grams of protein per 100 grams, is a logical first crop of choice for Protealis. The new company will breed varieties that are very well adapted to northern latitude regions in Europe, ensuring local supply for the fast-growing markets of meat and dairy replacements, as well as for sustainable animal nutrition.
Protealis is based on the strategic alliance of research institutes VIB and ILVO and draws on the unique know-how of each of the partners. This includes a market-ready breeding program based on innovative, non-GM breeding technologies from ILVO and seed coating with proprietary yield-enhancing soil bacteria from VIB. These innovations have been developed and refined over the years at the top research labs of Professors Sofie Goormachtig (VIB-UGent), Jan Michiels (VIB-KU Leuven) and Joke Pannecoucque, and Isabel Roldàn-Ruiz at ILVO.
Protealis is led by Benjamin Laga, former Global Head for Plant Biotech Research at BASF, who brings more than 20 years of international seed business and innovation experience. As CEO, he will also join Protealis’ Board of Directors. Benjamin Laga is joined by Jonas Aper, who has been in charge of the soy breeding program at ILVO since its inception in 2013. This entrepreneurial team is passionate about making a positive impact on the planet and environment created by the opportunity to valorize the combined ILVO-VIB work in a company setting.
Protealis is backed by a solid investor consortium who invested EUR 6 million in a Series A round led by V-Bio Ventures, and with participation of Agri Investment Fund (AIF), Participatiemaatschappij Vlaanderen (PMV), Estari Group, Globachem Group, Gemma Frisius Fund and VIB. The ambition of the investor consortium is to support the market introduction and geographic and product portfolio expansion of the new company. In this way Protealis can maximally live up to its mission statement and bring its high protein crops to European farmers.
Commenting on the announcement, CEO Benjamin Laga says: “My personal aspiration has always been to combine science and technology with entrepreneurship in order to address societal and environmental challenges. And all of that just comes together beautifully in Protealis.”
Willem Broekaert from V-Bio Ventures: “We are proud to bring together a group of experienced investors, supporting Protealis to become a leading player in the plant breeding sector, which historically has not seen much backing from venture capital. We are highly confident that the quality of the team and technology of Protealis will lead to significant value creation for all stakeholders.”
Jérôme Van Biervliet, Managing Director of VIB, says: “Protealis is a perfect example of entrepreneurship in the accelerating biotech ecosystem fostered by VIB. Through our collaborative journey with ILVO, we were able to couple breeding expertise with high-tech research and create an economic opportunity. The intense dedication of many colleagues in the team was vital to make this happen.”
V-Bio Ventures (www.v-bio.ventures) is an independent venture capital firm specialized in building and financing young, innovative life science companies. V-Bio Ventures was established in 2015 and works closely with Belgium-based VIB, one of the world’s premier life science institutes. The fund invests throughout Europe in start-up and early-stage companies with high growth potential focusing on technologies that provide transformational improvements in the biotech, pharmaceutical and agricultural sectors.
V-Bio Ventures’ cornerstone investor is the European Investment Fund (EIF). EIF’s contribution is supported by InnovFin Equity, with the financial backing of the European Union under Horizon 2020 Financial Instruments and the European Fund for Strategic Investments (EFSI) set up under the Investment Plan for Europe. The purpose of EFSI is to help support financing and implementing productive investments in the European Union and to ensure increased access to financing.
Protealis (www.protealis.com) develops superior varieties and seed treatments of leguminous crops. The company’s product offering contributes to the supply of sustainable locally sourced plant-based proteins in Europe. Protealis was founded in 2021 on the basis of innovations in breeding and seed coating from ILVO and VIB. The company completed a Series A financing round of EUR 6.0 million in 2021 with the support of V-Bio Ventures, Agri Investment Fund (AIF), Participatiemaatschappij Vlaanderen (PMV), Estari Group, Globachem Group, Gemma Frisius Fund and VIB.
First Closing of V-Bio Fund 2 is announced at EUR 78 million. V-Bio Fund 2 will ensure seamless continuation of investment activities in early-stage European life sciences companies. V-Bio Ventures announces expansion of executive team, with Shelley Margetson joining as Managing Partner
Ghent, Belgium, 4 February 2021 – V-Bio Ventures (V-Bio) announces today the first closing of V-Bio Fund 2 with capital commitments of EUR 78 million (USD 95 million).
V-Bio Ventures will continue its prosperous relationship as a preferred partner of VIB, a Belgium-based life sciences institute ranking among the world’s premier research organizations. VIB has a strong reputation in basic and translational life sciences research and an impressive track record in creating successful start-up companies.
The new fund will build on the successful investment strategy of V-Bio Fund 1, launched in 2015. Investments of V-Bio Fund 1 have resulted in:
– The creation of new start-up companies turning scientific discoveries into innovations that benefit society, including Aphea.Bio, Augustine Therapeutics and AgomAb.
– The growth and internationalization of companies such as Orionis Biosciences, Confo Therapeutics and Precirix.
– New experimental treatments reaching patients, developed by companies like Oxular, Syndesi Therapeutics and ExeVir.
The aim of V-Bio Fund 2 is to create new companies which contribute to society either through effective healthcare or sustainable agriculture. The fund supports companies which either have an asset-centric focus or are based on differentiated technology platforms. V-Bio will continue to be active throughout Europe with a focus on company creation in Belgium.
Most of the investors in V-Bio Fund 1 have re-joined for Fund 2, which has already exceeded the size of the first fund. Fund 2 includes a range of investor types, with the European Investment Fund (EIF) as cornerstone investor, joined by institutional investors, academic endowment funds and family offices.
Shelley Margetson is joining V-Bio as Managing Partner, complementing the existing team members’ solid scientific backgrounds and expertise in investing and company building. Margetson is an experienced Senior Executive who has worked for multiple European biotechnology companies since 2001, including Merus (MRUS) which listed on the Nasdaq in 2016 with her as CFO. Her financial and deal-making expertise will contribute to the further growth of the fund and V-Bio’s respective portfolio companies.
Christina Takke and Willem Broekaert, Founding Managing Partners of V-Bio, stated: “We are extremely pleased with the successful first closing of our second fund. This would not have been possible without the trust and support of our investors. Fund 2 is a testament to the successful combination of proprietary access to top-notch science with our team’s collective and complementary expertise, which has proven to be a key differentiator for V-Bio.”
Shelley Margetson, Managing Partner of V-Bio, added: “I am excited to have joined such an experienced organisation. V-Bio’s track record over the years has been impressive, and I look forward to making a valuable contribution to the fund by enhancing both the development of the start-ups and the investment portfolio.”
Jérôme Van Biervliet, Managing Director at VIB, commented: “VIB congratulates the V-Bio team on the exciting first close of the second fund and looks forward to extending it. As a co-founder of V-Bio Ventures, and through their many investments in VIB’s start-ups, we have formed a privileged relationship. We have witnessed V-Bio Ventures become a powerful force in our biotech ecosystem, creating significant value beyond the deal. Their scientific expertise, market feedback and extensive network is of crucial value to VIB, alongside their investment capacity.”
Alain Godard, EIF Chief Executive: “We are very pleased to see the first closing of V-Bio Fund 2, a testament to the hard work and success of the first V-Bio Fund. Supporting groundbreaking research, particularly in the life-sciences field, and its transition into a viable business venture is a key element in realizing Europe’s innovation potential and safeguarding the competitiveness of our economy. This is something to which the EIF attaches great importance and we are therefore very glad to be contributing to this initiative.”
Koenraad van Loo, Managing Director FPIM: “The Federal Holding and Investment Company is delighted to be participating in V-Bio’s second initiative which perfectly fits within FPIM’s investment framework. The team has already proven in the past that it possesses the necessary expertise and competences to get the right parties around the table and to lead the start-up companies to a next level. We are convinced that V-Bio Fund 2 will contribute to the stimulation of innovative entrepreneurship as well as the creation of highly skilled jobs, which are indispensable to the biotech eco-system and the prosperity of the Belgian economy.”
Michel Casselman, CEO of the Flemish investment company PMV: “We are very pleased to continue our journey together with the enlarged V-Bio Ventures team. We consider the life sciences sector of the utmost importance for the economic development in Flanders, which has grown to become the leading European life sciences hub. We recognize the importance of innovation and value creation by companies seeking new solutions to unmet medical needs or making agriculture more sustainable. Access to finance is paramount to company creation in healthcare or sustainable agriculture. We are therefore excited to participate again in the new fund, after our successful investment in V-Bio Fund 1.”
V-Bio Ventures (www.v-bio.ventures) is an independent venture capital firm specialized in building and financing young, innovative life science companies. V-Bio Ventures was established in 2015 and works closely with Belgium-based VIB, one of the world’s premier life science institutes. The fund invests throughout Europe in start-up and early-stage companies with high growth potential focusing on technologies that provide transformational improvements in the biotech, pharmaceutical and agricultural sectors.
V-Bio Ventures’ cornerstone investor is the European Investment Fund (EIF). EIF’s contribution is supported by InnovFin Equity, with the financial backing of the European Union under Horizon 2020 Financial Instruments and the European Fund for Strategic Investments (EFSI) set up under the Investment Plan for Europe. The purpose of EFSI is to help support financing and implementing productive investments in the European Union and to ensure increased access to financing.
Gent, Belgium, 27 October 2020 – Today V-Bio Ventures announces its investment in Animab, a new venture spin-off from VIB, in a EUR 3.4 million Seed financing round. The company develops monoclonal antibodies for oral administration to ensure intestinal health of livestock. The initial focus is on improving the resilience of piglets during the fragile post-weaning period. The start-up will use the seed capital to develop its first oral antibody product for protection against ETEC and initiate a product portfolio for the livestock industry.
Animab builds on a proprietary platform technology enabling efficient generation of monoclonal antibodies to prevent intestinal infections in animal production. This new class of orally administered antibodies is designed to improve the health and performance of animals by targeting specific disease-causing pathogens.
The monoclonal antibody platform is based on the cross-disciplinary research and expertise within VIB, the leading life sciences research institute based in Flanders, Ghent University and Vrije Universiteit Brussel (VUB). Animab’s proprietary antibodies mimic secretory IgA, a type of natural antibodies passed on via the colostrum and milk. In a collaborative effort by VIB and the Ghent University Faculty of Veterinary Medicine, these antibodies were further improved and tailored to target specific intestinal pathogens in livestock with speed and precision, without altering the healthy microbiome. Animab will continue to collaborate with these top academic research groups to expand the high precision biologic toolbox for protection of young animals.
The first monoclonal antibody lead product is designed specifically for pig production. Post-weaning diarrhea caused by enterotoxigenic Escherichia coli (ETEC) is an economically important disease in pig production worldwide. Young piglets are very susceptible to this infection, resulting in a morbidity ranging between 25 to 50% in Europe. Animab’s lead product will provide the swine producers with an alternative to antibiotics for the control of gastrointestinal pathogens and contribute to a more sustainable animal production.
Although the company will initially focus on ETEC protection in piglets, it will rapidly expand its pipeline with new product opportunities that target bacteria, viruses and host factors in livestock animals, spanning a range of gastrointestinal indications.
The firm is led by seasoned business strategist Alain Wille, leveraging more than 25 years of animal health experience, including leadership positions at Boehringer Ingelheim and Merial. He is joined by Scientific Director Vikram Virdi, whose PhD laid the groundwork for 11 years of research on edible antibodies that form the solid scientific framework of Animab. Nesya Goris completes the management team as Animab’s Technical and Regulatory Director and brings more than 10 years of cutting-edge technology development experience to the firm. She combines her role at Animab with the chief development officer function at ViroVet. Chairman of the Board is former CEO and co-owner of the Nuscience group Patrick Keereman. Under his wings, the Belgian animal nutrition company Nuscience has transformed into a multi-product global player. Animab’s chairman brings decades of industry knowledge and executive experience that will help guide and grow the new venture. Together, the team has a wealth of knowledge and proven track records in the animal science field.
Animab is backed by a solid European investor consortium who invested EUR 3.4 million in a Seed round led by Seventure Partners and PMV, and with the participation of Agri Investment Fund, V-Bio Ventures and VIB. The ambition of the investor consortium is to further support the growth of the company through future financing rounds, allowing it to bring this innovative concept to the market as a commercial product.
Commenting on the announcement, CEO Alain Wille says: “The mission of Animab is to design and bring to the market cost-effective solutions that ultimately benefit animals, producers and consumers. Clearly, our first product embodies that goal as it targets widespread pathogenic intestinal bacteria in pigs. Additionally, reducing the need to use antibiotics in animal production is also good for people and society.”
Nico Callewaert (VIB-Ghent University), one of scientific founders, explains: “Together with the labs of Profs. Ann Depicker (VIB-Ghent University), Henri De Greve (VIB-VUB) and Eric Cox (Ghent University), our cross-disciplinary science teams collaborated intensely to develop a new antibody technology designed for oral ingestion, set up a scalable, cost-effective microbial production process, and demonstrate that they can protect piglets against ETEC infection. It is very rewarding to see that our scientific discoveries will now be translated by Animab into market-ready products.”
Laëtitia Gerbe (Seventure Partners) and Kenneth Wils (PMV) also mention: “It is clear that the technology has potential to bring about a disruptive change in the animal production. E. coli is a highly prevalent pathogen causing disease in swine production without effective non-antibiotic control options. We are proud to support Animab whose management has the necessary expertise and vision to provide the industry with a totally new range of solutions.”
Willem Broekaert (Managing Director at V-Bio Ventures) adds: “We are excited about the opportunity to invest in Animab, in particular because it is a true platform company capable of launching several products thereby leveraging synergies in development, manufacturing and commercialization.”
Jérôme Van Biervliet, Managing Director of VIB, adds: “We are thrilled to announce our newest spin-off Animab, adding a new player to the growing animal health start-up ecosystem. By moving VIB innovations beyond human health, we recognize the importance of the One Health approach, as the health of people, animals and the environment are all interconnected.”
About Animab
Animab is a new venture designed to address the changing needs of animal production. Using proprietary research discoveries, Animab targets the emerging science and new possibilities in the gut. The interdisciplinary team integrates cutting-edge research, animal science, and biotechnology for product breakthroughs in animal health, cost-efficiencies and sustainability. Led by an experienced group of experts with expertise in a range of relevant domains from vaccines, biotechnology, business management and international marketing, Animab is dedicated to offering a safe and sustainable way to ensure animal performance. More information: www.animab.com.
About VIB
VIB is an excellence-based entrepreneurial research institute in life sciences located in Flanders, Belgium. VIB’s basic research leads to new and innovative insights into normal and pathological life processes. It unites the expertise of all its collaborators and research groups in a single institute, firmly based on its close partnership with 5 Flemish universities (Ghent University, KU Leuven, University of Antwerp, Vrije Universiteit Brussel and Hasselt University) and supported by a solid funding programme from the Flemish government. VIB has an excellent track record on translating basic scientific results into pharmaceutical, agricultural and industrial applications. Since its foundation in 1996, VIB has created 25 start-up companies, now employing over 900 people. More information: www.vib.be.
About Seventure Partners
With €750m net commitments under management as of the end of 2018, Seventure Partners is a leading venture capital firm in Europe. Since 1997, Seventure Partners has been investing in innovative businesses with high growth potential in two fields: Life sciences across Europe, Israel, Asia and North America, and Digital technologies mainly in France and Germany.
In Life sciences, the main areas of focus include “classic” approaches such as biotechnology and pharmaceuticals, diagnostic and medtech, industrial biotechnology, as well as “beyond the pill” approaches such as MICROBIOME-linked innovations, nutrition, foodtech, digital/connected health and personalized medicine. Investments can range between €500k and €10m per round, and up to €20m per company, from early to late stage. In March 2018, Seventure Partners launched AVF, a new fund dedicated to animal nutrition, feed and health with Adisseo as strategic partner. For more details: www.seventure.fr/en Twitter: @seventurep
About PMV
PMV is an investment company that shapes the economic future of Flanders by financing promising companies from the very start to growth and internationalization. With over 1 billion euros in assets under management and led by experienced professionals, PMV offers tailor-made financial solutions for entrepreneurs with a solid business plan and a strong management team, including venture capital, loans and guarantees. More info about PMV can be found on www.pmv.eu.
About V-Bio Ventures
V-Bio Ventures is an independent venture capital firm specialized in building and financing young, innovative life science companies. V-Bio Ventures was established in 2015 and works closely with Belgium-based VIB, one of the world’s premier life science institutes. The fund invests throughout Europe in start-up and early-stage companies with high growth potential focusing on technologies that provide transformational improvements in the biopharmaceutical, pharmaceutical, diagnostics and agricultural sectors. More info: www.v-bio.ventures.
About Agri Investment Fund
Agri Investment Fund (AIF) is an investment company, part of MRBB, the financial holding of Boerenbond (Farmer’s Union). AIF invests in innovative companies that contribute to strengthen the competitiveness of the agricultural production in the regions where Boerenbond is active. AIF is located in Leuven, Belgium. www.aifund.be
About Ghent University
After more than twenty years of uninterrupted growth, Ghent University is now one of the most important institutions of higher education and research in the Low Countries. Ghent University yearly attracts over 41,000 students, with a foreign student population of over 2,200 EU and non-EU citizens. Ghent University offers a broad range of study programs in all academic and scientific fields. With a view to cooperation in research and community service, numerous research groups, centers and institutes have been founded over the years. For more information www.UGent.be.
About Vrije Universiteit Brussel
The Vrije Universiteit Brussel (VUB) is a thriving university in the heart of Belgium and Europe, which in 1969-1970 split off from the Université Libre de Bruxelles (ULB), founded in 1834. VUB combines excellence in teaching with excellence in research. Several of its 150 research groups are topranked worldwide. The principle of independent research is central at VUB, but the quality of its undergraduate and graduate programs is no less important, as the university provides an environment where students are treated as individuals and supported in their personal development. Currently, VUB has some 9,000 students and 2,700 staff, divided over eight faculties and two Brussels campuses (in Etterbeek/Elsene and Jette). The VUB University Hospital is adjacent to the Medical Sciences campus in Jette and employs 3,000 people. More info: www.vub.ac.be/.