Sodena, Suanfarma et al subscribe to 3P Biopharmaceuticals capital increase

The new funding will finance the construction of a factory for the development and manufacture of therapeutic proteins.

CAN, the private equity arm of Caja Navarra, has increased its stake from the 5.63% it acquired in 2007, to 7%; the shares held by Sodena, the venture capital arm of the government of Navarra, have risen from 23.59% to 25.13%. Suanfarma Biotech contributed €201,000 to the round, upping its stake to 13%. It previously purchased 11.89% for €500,000 in 2006, as one of the company's founding shareholders.

Murcia-based investor Infu-Capital also contributed to the round, increasing its 5.63% stake to 5.97%.

The remaining share capital is divided between the founders and other shareholders, including Real de Vellón (a venture fund managed by Clave Mayor) and Madrid-based Activos y Gestión Accionarial, which holds 5.63%. Medical development firm Idifarma Desarrollo Farmacéutico, biotherapy firm DRO Biossystems, Cinamar, Masaveu Investigaciones y Desarrollo and Grupo Paramus also own shares.

This investment is in line with CAN's policy to support entrepreneurship in Navarra in the sectors which have been identified as strategic by the regional government. The autonomous community is becoming one of the most active hubs for biotechnology in Spain, while 3P Biopharmaceuticals is believed to be the only company in the country with the resources to launch new medicines and compounds for protein production.

Further venture capital rounds appear unlikely as 3P is expected to become self-sufficient in the near future.

Company
Based in Noáin, Navarra, 3P Biopharmaceuticals engages in the production and marketing of biotherapeutic substances. It was founded in 2006 and employs a workforce of 38, which it expects to increase to 50 by the end of this year, and to 60 by late 2012.

The company plans to generate a turnover of €4.6m this year, which should rise to €7.3m in 2012.

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