VCs in €20m series-B for PDCLine

Katharine Hidalgo
23 January 2020

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Venture capital investors have injected €20m into a series-B funding round for biotechnology company PDCLine Pharma.

The company has secured a capital increase of €13.9m and €6.1m in loans and subsidies from the Walloon region of Belgium, which has backed the company since it expanded its operations there in 2016.

New investors in this funding round include Korean Investment Partners, Shinhan-Cognitive Start-up Fund and UTC 2019 BioVentureFund. SRIW (The Regional Investment Company of Wallonia) and Sambrinvest (the investment fund of Charleroi) also backed the company.

The company has recently started phase-I/II trials for its drug in France and Belgium in non-small-cell lung cancer.

In March 2019, the company granted an exclusive licence to the LG Chem Life Sciences company in South Korea, and an exclusive option in other Asian countries, for the development and commercialisation of the PDC*lung01 cancer vaccine for lung cancer. The deal is worth €108m, plus tiered royalties on net sales in Asia.

Previous funding
In 2016, Belgian VC Meusinvest, Spinventure and several business angels participated in a funding round of €4m, including €2.6m in capital and €1.4m in bank loans, grants and recoverable advances.

Company
PDCLine is a clinical stage biotechnology company developing active immunotherapies for cancers. Founded in 2014 as a spin-off of the French Blood Bank, the company employs 22 people and is headquartered in La Tronche and Liège.

People
Korea Investment Partners – Sangwoo Lee (managing director).
PDCLine Pharma – Eric Halioua (president, CEO).