Covagen secured a large financing round and added an additional U.S. investor
04.03.2014
In February 2014 venture leader alumni Covagen received one of the largest private financing rounds for a preclinical-stage biotech company in Europe, CHF 45 million in a tranche of Series B financing and added Baxter Ventures as an investor.
 Julian Bertschinger CEO of Covagen and venture leader
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The Series B includes an option for all existing investors to invest an additional CHF 14 million in the future potentially increasing the total amount of this financing round to CHF 58.9 million. "Baxter's investment in our Series B round represents further validation that Covagen's bispecific FynomAb technology is uniquely capable of improving the treatment of cancer and inflammatory diseases," said Julian Bertschinger, CEO of Covagen. "Adding an additional U.S. investor with the breadth and experience of Baxter Ventures will allow us to continue to advance towards our goal of bringing our lead FynomAb COVA322 through proof-of-concept in the clinic and strengthen our discovery programs in oncology."
A strong syndicate of investors supports
A strong syndicate of investors supports Covagen’s drug development programs including Novartis Venture Fund, Edmond de Rothschild Investment Partners, Gimv, Seroba Kernel Life Sciences, Ventech, Ascent Biomedical Venture Management, MP Healthcare Venture Management, and Baxter Ventures. In October 2012 Covagen entered into a strategic research collaboration and license agreement with Mitsubishi Tanabe / TRL and got € 4 million up front as part of a research collaboration to get access to Covagen’s Fynomer-antibody (FynomAb) platform.
venture leader pioneer
Julian Bertschinger, Co-founder and Covagen’s CEO is a venture leader pioneer. He was selected in June 2006 before he founded Covagen and had the chance to dive into the US entrepreneurial scene: "The trip with the venture leaders to Boston has brought a remarkable amount to me. The contacts with the vibrant startup scene and the excellent course at Babson College have really inspired and motivated me."
About Covagen
Covagen, an ETH spin-off company founded in 2007, is commercializing a platform for the generation of bispecific antibodies (FynomAbs) based on proprietary molecules called Fynomers to address unmet medical needs in inflammatory diseases and cancer. Covagen develops FynomAbs by fusing its proprietary human Fynomer binding proteins to antibodies, resulting in therapeutics with novel modes of action and enhanced efficacy. Covagen’s lead bispecific FynomAb COVA322 simultaneously inhibits the two proinflammatory cytokines TNF and IL-17A and is being developed for the treatment of rheumatoid arthritis and psoriatic arthritis.
About Baxter Ventures
Baxter Ventures is a venture initiative established in 2011 by Baxter International Inc. to invest in companies with innovative technologies, products and therapies with the ability to improve patient care globally and maximize value for investors and entrepreneurs. Baxter International Inc. is a global, diversified healthcare company that applies a unique combination of expertise in biotechnology, medical devices and pharmaceuticals to create products that advance patient care worldwide.
A strong syndicate of investors supports
A strong syndicate of investors supports Covagen’s drug development programs including Novartis Venture Fund, Edmond de Rothschild Investment Partners, Gimv, Seroba Kernel Life Sciences, Ventech, Ascent Biomedical Venture Management, MP Healthcare Venture Management, and Baxter Ventures. In October 2012 Covagen entered into a strategic research collaboration and license agreement with Mitsubishi Tanabe / TRL and got € 4 million up front as part of a research collaboration to get access to Covagen’s Fynomer-antibody (FynomAb) platform.
venture leader pioneer
Julian Bertschinger, Co-founder and Covagen’s CEO is a venture leader pioneer. He was selected in June 2006 before he founded Covagen and had the chance to dive into the US entrepreneurial scene: "The trip with the venture leaders to Boston has brought a remarkable amount to me. The contacts with the vibrant startup scene and the excellent course at Babson College have really inspired and motivated me."
About Covagen
Covagen, an ETH spin-off company founded in 2007, is commercializing a platform for the generation of bispecific antibodies (FynomAbs) based on proprietary molecules called Fynomers to address unmet medical needs in inflammatory diseases and cancer. Covagen develops FynomAbs by fusing its proprietary human Fynomer binding proteins to antibodies, resulting in therapeutics with novel modes of action and enhanced efficacy. Covagen’s lead bispecific FynomAb COVA322 simultaneously inhibits the two proinflammatory cytokines TNF and IL-17A and is being developed for the treatment of rheumatoid arthritis and psoriatic arthritis.
About Baxter Ventures
Baxter Ventures is a venture initiative established in 2011 by Baxter International Inc. to invest in companies with innovative technologies, products and therapies with the ability to improve patient care globally and maximize value for investors and entrepreneurs. Baxter International Inc. is a global, diversified healthcare company that applies a unique combination of expertise in biotechnology, medical devices and pharmaceuticals to create products that advance patient care worldwide.