Gimv et al. in €31.3m series-C for Biom’up

A breakdown of the round was not provided, but Gimv provides €3-10m equity tickets when investing in biopharma or medtech companies.

Meanwhile, BPI France deployed equity via its €500m Large Venture fund. Launched in September 2013, the vehicle targets healthcare investments as one of its three core areas and was used during a capital increase for medical accessories seller Vexim in January 2014.

The series-C is the second by Danish healthcare-focused VC Lundbeckfond this week. The firm recently took part in a Ysios Capital-led €36.6m round for Spanish drug developer Laboratoris Sanifit.

Investing alongside the three firms were Biom'up's management team and existing shareholders. The latter include CDC Entreprises' InnoBio fund, Sham Innovation Santé, ACG Management, Sofimac Partners, Mérieux Développement, OTC Asset Management, Euroainvest and L'Améliane.

According to Biom'up, the new capital will be dedicated to its Hemoblast line, currently undergoing clinical trials in both Europe and North America. The third round comes as the business gears up for international expansion and aims for a 30% revenue growth by year-end.

Previous funding
According to unquote" data, Biom'up was first backed by institutional investors in June 2010, when Sofimac and Sham injected a combined €3m into the business.

Two years later, a €6.8m series-B took place for the company, with capital from CDC Entreprises, Viveris Management, OTC, Sofimac, Sham, Aquasourca, L'Améliane, and founders and managers Sylvain Picot and Patricia Forest.

Company
Biom'up was founded by biochemical engineers Sylvain Picot and Patricia Forest and their professor Christian Gagnieu in 2005. The company, a spinout from Lyon-based Institut National des Sciences Appliquees and the Faculté de Pharmacie (Universite Claude Bernard), develops reabsorbable medical implants used by surgery receivers.

With headquarters in Saint-Priest, the business set up two subsidiaries in Germany and the US in 2014 and claims to have provided 140,000 medical implants Europe-wide since inception. In 2014, it posted revenues in excess of €3m.

People
Gimv, BPI France and Lundbeckfond were represented by partners Karl Nägler, investment director Laurent Higueret and partner Casper Breum, respectively. Investment director Thibaut Roulon led the deal on behalf of InnoBio. Étienne Binant is currently CEO of Biom'up.

As part of the changes, Biom'up will see its leading team reshuffled as Jan Ohrstrom joins its board as chairperson – in the past, he held managing roles at ProFibrix, Blaze Bioscience and other healthcare companies. Gimv's Karl Naegler, BPI France's Laurent Higueret and Lundveckfond's Casper Breum have also been appointed to the board.

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