The biotech company Corimmun GmbH has successfully closed a series A financing with EUR 5 million.
The company is specialized in inflammatory mechanisms in cardiovascular diseases. This investment will enable Corimmun to develop the lead product COR-1 until proof of principle in man (phase II). The product pipeline will be further expanded and developed. COR-1 is a peptide-drug, which inhibits the auto-antibody-mediated myocardial damage in heart failure. COR-1 is the first drug to target this important mechanism and therefore addresses an unmet medical need in an important indication.
The lead investor in this series A round is MIG AG Munich, Germany. Co-investors in the investor consortium are GC Fund, Bayern Kapital and KfW Bank. The shareholders High-Tech Gründerfonds, Bio-M AG and SeedFonds Bayern also participated in this round. Corimmun was supported by Matthias Guth Corporate Finance Consulting in the preparation and closing of this financing round.
„We are delighted that we could attract MIG AG as lead investor and experienced and reliable partner. With this solid financial basis we can concentrate on the best value generation by a successful clinical development of the lead project COR-1 “, comments Corimmun´s CEO Dr. Götz Münch the closing.
„Besides the attractive market potential and innovative product concept of Corimmun we are pleased by the experienced management. Moreover, we were convinced by the scientific basis of Corimmun´s projects which were awarded in two „GoBio“ grants. The successful tech transfer out of outstanding German research institutes into a private company is an excellent example for the economical power and value generation potential“, says Michael Motschmann, member of the executive board of MIG.
Corimmun GmbH is a private biotechnology company located in Martinsried near Munich, Germany. Corimmun was founded in 2006 as a spin-off from the Universities Würzburg and Tübingen and is developing drugs with focus on inflammatory mechanisms in heart failure and atherosclerosis. The company applies several technologies in the development of innovative peptide and biological drugs. A seed financing led by Hightech Gründerfonds was closed in 2006.
MIG Verwaltungs AG with operations in Munich, Germany is the initiator of the MIG funds, a series of venture-capital funds for private investors with the investment focus in German speaking countries. MIG was founded end of 2004 by successful entrepreneurs and has more then EUR 250 million under management in their funds. With the trade sale of the medtech company etkon AG to the swiss Straumann AG MIG fund had already the first successful exit.
For more information please contact
PD Dr. Götz Münch
Am Klopferspitz 19
MIG Verwaltungs AG
Ismaninger Straße 102
Telefon +49-89- 98 57 06