COPENHAGEN, Denmark, Aug. 22, 2022 /PRNewswire/ -- The BioInnovation Institute (BII), an international commercial non-profit foundation incubating and accelerating world-class life science research, today announces its investment into three international start-up companies from the UK, Germany, and Finland. The three new ventures are strategically aligned with the BII's focus, developing ground-breaking scientific initiatives across the therapeutics and health tech space.
Each of these companies will be funded with a risk-free convertible loan of EUR 1.3M and will be part of the BII's community of life science start-ups. In collaboration with the BII team and its network of experts, the companies will be guided to a competitive international level, receiving support in the roll out of detailed development plans concerning drug development, good manufacturing practice and regulatory strategy, ahead of a Seed or Series A financing round.
Commenting on today's launch, Bobby Soni, Chief Business Officer at the BioInnovation Institute, said: "Our goal is to harness the untapped potential of European research, and at the BII we are passionate about helping each venture overcome potential hurdles and position them to attract top-quality international investment. Spun out from excellent translational research environments across Europe, VEIL.AI, Myopax and Sevenless Therapeutics each hold great potential in the therapeutic and health tech space. We are pleased to support them in their growth - supporting business acceleration, scientific and team development."
The new ventures are:
- Sevenless Therapeutics is a next generation biotech company. Using state-of-the-art mathematical methodology, Sevenless Therapeutics has identified a novel target in pain signalling, defined the drug properties required for success and validated these predictions with data. Enabled by this insight, our highly experienced drug discovery team will efficiently deliver a safe and effective drug candidate for treating pain. This discovery will make a significant difference to the many patients suffering from inadequately treated chronic pain.
- VEIL.AI brings the quality of anonymized health data to a new level with next-generation anonymization technology creating extremely high-quality subject-level anonymized and synthetic data. It enables better use of GDPR-free data for life science and diagnostics companies, hospitals and health data hubs.
- Myopax possesses proprietary muscle stem cell technology for advanced regenerative therapies to combat the devastating consequences of muscle diseases. The spin-off originates from the translational ecosystem in Berlin, the Charité University, the Max-Delbrueck-Center for Molecular Medicine in the Helmholtz Association and the Berlin Institute of Health.
The BII has supported 62 start-ups with EUR 50 million in funding. The BII's start-ups have in total raised EUR 207 million from local and international investors. Its diverse team brings venture capital, pharma and business expertise together to help early-stage companies accelerate to the next level. Recent company successes include Adcendo, Stipe Therapeutics" Twelve Bio, Octarine Bio, and Cirqle Biomedical.
Read more at https://bii.dk/start-ups/
About the BioInnovation Institute Foundation
The BioInnovation Institute Foundation (BII) is an international commercial foundation with a nonprofit objective supported by the Novo Nordisk Foundation. BII operates an incubator to accelerate world-class life science innovation that drives the development of new solutions by early life science start-ups for the benefit of people and society.
BII, located in Copenhagen, Denmark, offers start-ups and early-stage projects within health tech, therapeutics, and bioindustrials state-of-the-art labs, vibrant office facilities, business development, start-up business incubation, access to high-level mentoring and international networks, plus unique funding opportunities of up to EUR 1.3 million per start-up and EUR 2.4 million per project.
Since the inauguration of BII in November 2018, BII has awarded EUR 50 million to 62 high-growth start-up companies. Read more on www.bioinnovationinstitute.com
