Evolva raises CHF 28 Million in first closing of Series B funding

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Basel (Switzerland): Evolva Biotech, a Switzerland and India-based drug discovery firm, has raised CHF 28 million (about $27.8 million) in the first closing of its series B financing round. This round of financing is led by current investor Aravis and new investors Auriga Partners, Vinci Capital - Renaissance PME and Wellington Partners. BioMedInvest and an undisclosed private investor participated as co-investors in the first closing, as well as Evolva's existing investors Astellas Venture, Dansk Innovation, Novartis Bioventures and Sunstone Capital. The first closing is part of Evolva's preparations to merge with Swiss biotech company Arpida, though the funds are committed independently of the proposed merger. Evolva continues discussions with other investors and intends to raise further funding in a second closing subject to approval of the merger by Arpida shareholders. The Series B funding will allow the combined company to progress its clinical compounds through phase II proof-of-concept trials over the next 2-3 years, in particular EV-077 (cardio-renal indications), EV-086 (anti-fungal) and EV-075 (antiviral). Neil Goldsmith, Managing Director and CEO of Evolva SA, said, "We are pleased that we have succeeded in attracting new high quality investors and that we have received further support from our existing ones. This clearly signals backing from our investor community for the intended merger with Arpida." Founded in 2004, the company claims that it uses its genetic chemistry platform to replicate, on an industrial basis, the ability of nature to create small molecules with exquisite "design". Based on this technology, Evolva states that it has a number of discovery and pre-clinical partnerships which in 2008 generated revenues of about CHF 12 million. Evolva also has an attractive pipeline of drug candidates deriving from this approach - one compound (for renal and cardiovascular diseases) entered Phase I beginning of 2009, and two others (an anti-fungal and an anti-viral) are expected to enter Phase I in 2010. Evolva's Genetic Chemistry Laboratory, has received recognition from the Government of India's Department of Science and Industrial Research (DSIR). Panchapagesa Murali is the Vice President and CEO OF Evolva India. Currently, there are about 80 employees in the company. "We are impressed by Evolva's innovative technology, the interesting compounds pipeline and its international business model," commented Patrick Scherrer representing Vinci Capital - Renaissance PME.