Gimv et al. invest CHF 42m in Covagen

Joining Gimv in the round was new investor Ascent Biomedical Ventures, as well as existing backers Novartis Venture Fund, Edmond de Rothschild Investment Partners (EdRip), Seroba Kernel Life Sciences, Ventech and MP Healthcare Venture Management (MPH).

Gimv provided CHF 8.3m towards the total. The financing comes with an option for Covagen to procure an additional CHF 14m from the investors.

The fresh capital will allow Covagen to finance its discovery programmes in the field of oncology. The funding will also be used to support the clinical development of the company's FynomAb COVA322 product, which is being developed for use in the treatment of inflammatory diseases such as rheumatoid arthritis and psoriatic arthritis.

Previous funding
Covagen secured early-stage funding from Ventech, MPH and Novartis in November 2009. The following January, EdRip supplied the company with €5m in exchange for a minority stake, according to unquote" data.

In November 2010, Seroba led a €4.8m (CHF 6.3m) series-A round for the company, with participation from existing backers EdRip, MPH, Novartis and Ventech.

Prior to this latest funding round, Covagen had raised a total of CHF 14m.

Company
Covagen was established in 2007 when it span out from the Swiss Federal Institute of Technology. Headquartered in Zurich, the company employs 26 staff.

Covagen develops therapeutics designed for the treatment of cancer and inflammatory diseases. Its FynomAb COVA322 product is expected to enter first-in-human clinical trials early next year.

People
Julian Bertschinger is the CEO of Covagen and founded the business alongside CSO Dragan Grabulovski. The company's board of directors includes former Ventech partner Mounia Chaoui, now a partner at Turenne Capital; Seroba partner Jonathan Hepple; Novartis managing director Anja König; and EdRip life sciences associate director Gilles Nobécourt.

Gimv Health & Care partner Karl Nägler and Ascent partner Avi Kometz have joined Covagen's board of directors following the funding round.

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