Nuevolution gets €11m to expand
The Danish small molecule lead discovery SME has raised enough money for international expansion, with planned operations in Sweden.
Copenhagen – In the past Nuevolution A/S from Copenhagen planned to expand operations in Sweden also. Now the Danish drug discovery company has the money to do so. On June 19, the enterprise announced that it had raised €11m in a new financing round. Jonas Brambeck, investment manager of the VC enterprise Industriefonden, said that "Nuevolution has shown the commercial use of their proprietary and innovative technology. The planned expansion in Sweden adds attractiveness to the investment." Besides that, Industrifonden has again involved investors Sunstone Capital, SEB Venture Capital and SEB Utvecklingsstiftelse in this round.
Nuevolution is situated in the Danish-Swedish biotech cluster Medicon Valley. Founded in 2001, the company quickly became a major developer of small molecule drugs. It owns a library collection of more than 1 billion small molecules and synthetic biologics. Using this biobank and its very own Chemetics® drug discovery platform, Nuevolution successfully screened for substances for companies like Merck & Co., GlaxoSmithKline, Novartis Pharma and Boehringer Ingelheim. The Chemetics® technology is especially useful when it comes down to the discovery of difficult-to-address protein-protein interactions. Based on a DNA labelling of their small molecule compounds, the method allows fast and cheap screening.