Direvo Raises Euro 12 Million (USD 16.8 Million) in Series C
Cologne, Germany, October 18, 2007 - DIREVO Biotech AG, a leading
company for superior bioengineered products and processes for
industrial and pharmaceutical applications, announced today the
completion of a private Series C equity financing. Direvo raised EUR
12 million (USD 16.8 million). In addition, certain Series C
investors acquired all common shares held by the company's founders,
such as Evotec AG and former management.
Bankhaus Wölbern, Hamburg and TVM Capital, Munich jointly led this
financing round. NRW.BANK, Düsseldorf/Münster, joined with its
venture capital fonds as additional new investor in this round. All
previous institutional investors such as Danisco Venture A/S,
Copenhagen, S-Equity Partner, Cologne, Mulligan BioCapital, Hamburg
and funds managed by New York based Signet Healthcare Partners, an
affiliate of Sanders Morris Harris, as well as private investors such
as Nobel laureate Prof. Manfred Eigen, Prof. Detlef Riesner, Prof.
Heinrich M. Schulte, Dr. Ruthild Winkler-Oswatitsch and management
participated in the financing.
Direvo intends to use the proceeds to fund further own product
developments in the field of Industrial Biotechnology, its
collaboration and research programs in therapeutic proteases and
antibodies, as well as for the enhancement of technical capabilities
in the field of production process development and biodiversity.
"We are very pleased with the closing of our Series C financing as it
will accelerate the growth of the company," stated Dr. Thomas von
Rüden, CEO of Direvo, and added: "It also demonstrates our
shareholder's strong confidence in the company's strategy and
Dr. Eric Hirsch of Bankhaus Wölbern stated: "We have followed Direvo
for many years and came to the conclusion that this company is among
the most promising new generation protein engineering companies in
Europe. We look forward to working closely with Direvo's experienced
management team to build the business for success".
"This new infusion of capital by an international syndicate of
reputable institutional and private investors is a strong vote of
confidence for the Direvo platform. We are convinced that this
investor view will be confirmed by a growing number of high value
commercial partnerships in the coming years" said Dr. Hubert Birner,
Chairman of Direvo's Supervisory Board and General Partner at TVM
Direvo Biotech AG
Direvo Biotech AG generates superior bioengineered products and
processes for industrial and pharmaceutical markets by enhancing
nature's potential. The Company's portfolio includes optimized
proteins, optimized bioprocesses and other bio-molecules, to be used
in research, for commercial development and on the market. Direvo
develops products both independently and with global leading partners
such as Danisco/Genencor and Nestlé. Direvo Biotech is committed to a
tailored approach to addressing customer needs and market
Direvo's industrial biotechnology business focuses on food & feed,
and biorefinery markets. The Company provides solutions through
discovery, development and scale up of enzymes, other molecules and
strains. Industrial biotechnology at Direvo emphasizes environmental
sustainability and the use of renewable resources. For example,
collaboration with Danisco A/S yielded an improved phytase enzyme
that has reached the market as part of a Danisco/Genencor product.
Direvo's biopharmaceutical business focuses on therapeutic antibodies
and proteases. Applying its powerful and proven protein engineering
capabilities, Direvo generates improved second generation
therapeutics and discovers and optimizes novel first-generation
therapeutics. Direvo offers early stage partnering from internal
discovery programs as well as collaborations on the optimization of a
wide range of therapeutic proteins.
Direvo is dedicated to increasing value for its investors. The
Company's highly experienced management team is building a thriving
biotechnology business that offers attractive investment and exit
opportunities in the fastest growing market segments of
Biotechnology. Direvo is founded on a strong international investor
base that has demonstrated their confidence in the growth potential
of the Company in three rounds of financing raising over ¤30 million.
DIREVO Biotech AG is privately held and located in Cologne, Germany.
Additional information is available at: www.direvo.com.
Dr. Thomas von Rüden
Telephone: + 49 221 8887-120