Revotar Biopharmaceuticals AG today announced the successful closing of its Series A financing round of 5.3 million EUR.
Initially, the new investor IBG Risikokapitalfond I, which is managed by Goodvent Beteiligungsmanagement GmbH & Co KG, was joined by Deutsche Life Sciences GmbH and MVC Unternehmensbeteiligungsgesellschaft mbH. In a second closing, BFB BeteiligungsFonds Brandenburg GmbH came in as new investor and was joined by bmp AG. Dr Beate Bettecken will join the Supervisory Board on behalf of IBG. The investor syndicate is committed to invest up to an additional 3 million EUR based on certain preconditions to be met. Revotar managed to raise more than 8 million EUR since August 2007.
“We are proud to have convinced two more experienced VCs to invest in Revotar and its promising pipeline, which is also validated by an undisclosed pharma partner in the US”, said Dr Horst Witzel, Vice-Chairman of Revotar´s Supervisory Board and former CEO of Schering AG. “The funds will be used to advance the further clinical development of our lead candidate Bimosiamose in larger phase II studies and to accelerate the preclinical development of other projects. Furthermore, we may further increase the current Series A based on existing authorized capital”, added Dr Martin Pöhlchen, CEO of Revotar. Revotar will present during the Biotech Investor Forum conference in Zurich on September 23, 2008. About Revotar Biopharmaceutical AG
Revotar develops innovative drugs for inflammatory indications such as psoriasis, chronic obstructive pulmonary disease (COPD) and acute lung injury (ALI). Its lead candidate Bimosiamose has already passed several clinical phase I and phase IIa trials in asthma, COPD and psoriasis with a good safety and efficacy profile in nearly 200 patients and volunteers. In summer 2006, Revotar announced a Start-Up Development Agreement with a US Pharma company for the further development of Bimosiamose in one major disease area. About Goodvent Beteiligungsmanagement GmbH & Co KG, Magdeburg
Goodvent Beteiligungsmanagement GmbH Co. KG was established in 2007 and is directed by CEO Dr. von der Osten. Operationally, it is fully responsible for all existing and future investments of IBG Beteiligungsgesellschaft mbH. IBG funds are invested in early stage high-tech companies in the fields of biotechnology, nanotechnology, advanced mechanical engineering and environmental technologies, and that are located in the State of Saxony- Anhalt and adjacent regions. The Portfolio comprises approximately 70 investments with an invested volume of 200 million EURO. Further information is available at www.goodvent.net
BC Brandenburg Capital GmbH operates as a management and holding company for 5 funds, with a total volume of 140 million EURO. The fund BFB BeteiligungsFonds Brandenburg GmbH invested in Revotar is focused on small and medium sized Life Science, Nanotechnology, ICT and Microelectronics companies located in Brandenburg. Further information is available at www.bc-capital.de.
Dr Martin Pöhlchen, CEO
Revotar Biopharmaceuticals AG
D-16761 Hennigsdorf / Germany