Ganymed Pharmaceuticals raises €45m in series-E

MIG invested via its MIG Fond 6, 12 and 13 vehicles, which bought 14,575 newly created shares for around €2m, equating to a 1.08% stake in the company. The venture capital firm also acquired 3,644 shares for €501,778 via its MIG Fond 12 fund, which amounted to a 0.27% stake. There was no debt involved in the transaction, the GP stated.

The fresh capital will be used to accelerate the clinical development of Ganymed's lead antibody IMAB362, as well as clinically validate its predictive companion diagnostic test. Furthermore, the equity will fund the phase-I and phase-II clinical studies of IMAB027.

ATS acquired the firm in 2008 from other backers. Back in 2002, Ganymed received its first round of funding with a €8.85m capital injection by Nextech Invest, Süd Venture Capital Investition, Future Capital and Venture Incubator, according to unquote" data.

Three years later, the Mainz-based firm raised €12.7m from its existing investors. In June 2007, MIG joined the venture consortium for the first time, taking part in a €37.2m series-C financing round for Ganymed, alongside Nextech Venture, German venture firm Future Capital, Landesbank Baden-Württemberg, ONC Partners and Swiss venture capital firm Varuma, as well as Swiss private investors. Because the round was oversubscribed, it held a second close in October, when ATS contributed a further €3.5m. Ganymed then raised a further €65m in 2008, when ATS led a financing round that also saw Future Capital, MIG and private investors backing the pharmaceutical firm.

Company
Ganymed develops Ideal Monoclonal Antibodies (IMABs) for the treatment of cancer, with gastroesophageal cancer antibody IMAB362 being its current lead programme. It also currently develops IMAB027, an antibody for testicular, ovarian, uterine and lung cancers. Ganymed's antibodies do not bind to healthy tissues, which is often the case with conventional antibody cancer drugs, but to cancer-selective targets only, according to the firm.

Ganymed was founded in 2001 as a spinout from the university of Mainz and Zurich. Headquartered in Mainz, Germany, it currently employs around 80 staff.

People
Thomas Strüngmann led the transaction for ATS. Rolf Krebs is chairman of the supervisory board of Ganymed. Michael Motschmann is MIG's CEO.

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