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Global - Sofinnova Partners sign three biotech deals

FR
27 October 2009

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French venture investor Sofinnova Partners has participated in funding rounds for three early-stage biotech companies, committing a total of GBP 30m. In the UK, Crescendo raised GBP 4.5m, while US-based Flexion Therapeutics and DNP Green Technology received USD 33m and USD 12m respectively.

Sofinnova led the GBP 4.5m seed-round for bio tech firmCrescendo Biologics, alongside Aitua, Avlar BioVentures and the Rainbow Seed Fund. Crescendo specialises in antibody fragment technologies to develop new targeted therapeutics. The capital injection will fund further research. The company is based in Cambridge in the UK.

Boston-based Flexion Therapeutics, a biotech company, raised USD 33m in a series-A financing led by Versant Ventures. Other backers included founding investor 5AM Ventures, in addition Sofinnova. The new funds will finance advancement of a number of drug candidates through clinically meaningful proof of concept.

Finally, Sofinnova also led a USD 12m series-A investment in Princeton-based DNP Green Technology, a developer of innovative technologies for molecules to the chemical industry. Sofinnova provided USD 8m of the total round, where Mitsui & Co. Venture Partners, Samsung Ventures Investment Corporation, the Cliffton Group and AquaRIMCO also participated. The company's first product, bio-based succinic acid, will be licensed out through Bioamber, a joint venture with France-based Agro Industrie Recherches et Developpements (ARD). Bioamber was set up to produce bio-based succinic acid on a commercial scale.