Spanish VCs back ForMune with €4.4m
Venture capital firms Inveready and Caja Navarra, alongside public company Navarra Development Society (Sodena), have supported the spinout of biotech firm ForMune from parent company Digna Biotech with a capital commitment of €4.4m over the next three years.
The investment is in line with Caja Navarra and Sodena's focus on the promotion of biotechnology in Navarre.
Company
ForMune will work on the development of molecules for licensing to pharmaceutical companies and marketing. The company will initially focus on the development of two products: the first is a therapy for the treatment of neck uterine cancer, while the second targets liver infections of the Hepatitis B virus.
People
Jose Maria Echarri is CEO of Inveready.
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