AUSTRIA - The Entrepreneurs Fund invests EUR 1.35m in ProtAffin Biotechnologie

The Entrepreneurs Fund BV has invested EUR 1.35m in the second closing of a series-A funding round for biotechnology company ProtAffin Biotechnologie AG. Previously, Aescap Venture Management BV and Z-Cube Srl invested EUR 2.65m in the first series-A closing in May 2007. This brings the total funds raised in the series-A financing to EUR 4m. The seed financing of EUR 1.3m was provided by angel investors and Austria Wirtschaftsservice in Vienna. ProtAffin Biotechnology AG is a pre-clinical biotechnology company developing protein-based products targeting inflammation. Its novel class of biologics targets heparin-like glycan structures driving inflammatory processes. ProtAffin was spun-out from the Karl-Franzens University of Graz, Austria in July 2005. It is headquartered in Graz, Austria, and currently has 12 employees.