VC-backed Curacyte sells subsidiary

Curacyte AG, which is backed by investors TVM Capital, AlpInvest Partners and IKB Venture Capital, has sold its wholly-owned subsidiary Curacyte Discovery GmbH to strategic investor The Medicines Company for an upfront payment of EUR14.5m. Additionally, milestone payments are possible when when The Medicines Company reaches Phase II clinical development of CU-2010, future commercial milestones, and associated royalty payments.

Proceeds from this transaction will be used to further develop Curacyte's lead product Hemoximer (Pyridoxalated Haemoglobin Polyoxyethylene, PHP) in a Phase III pivotal trial in patients suffering from catecholamine-resistant distributive shock. Curacyte, alongside TVM, initially invested in Curacyte in 2000 (February 2001, page 24) and took part in all subsequent financing rounds, which raised over $60m in venture capital funding.

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