Rhenovia Pharma secures Series B funding
Rhenovia Pharma secures Series B funding
The company raises EUR 540,000 (USD 738,000) from
historical shareholders to expand its staff
Rhenovia, the world leader in biosimulation of the central nervous
system, plans to raise a further EUR 2 million in 2014 to step up
development in its three key markets of medicinal products,
agrifood and neurotoxicity
Mulhouse, France, and Cambridge, Massachusetts,
USA, February 12, 2014 -
Rhenovia Pharma, a biotechnology company specialized in the
application of biosimulation to the research and development of new
medicinal products, today announces that it has raised EUR 540,000
(USD 738,000) from its historical shareholders in a second round of
funding.
Founded in 2007, Rhenovia is the world leader in biosimulation of
the central nervous system(1). The company uses its unique
technology to create computer simulators that predict the effect of
molecules both on healthy patients and others living with
conditions such as Alzheimer's disease, Parkinson's disease,
epilepsy and depression. The simulators considerably reduce the
need for animal testing. They have numerous applications in the
pharmaceutical and agrifood industries and within civilian and
military security (neurotoxicity).
In 2009, Rhenovia obtained initial funding from a pool of investors
drawn from the Alsace Business Angels and the SODIV fund providing
support to SMEs in the Alsace region of France. The second-round
funding of EUR 540,000 announced today came from historical
investors. The funds provide a boost to Rhenovia's capital and the
means for it to add to its team of staff, particularly in the areas
of marketing and therapeutic applications.
"The unfailing support of our historical shareholders has helped us
to become the world leader in biosimulation of the central nervous
system and to sign our first contracts with industrial partners,"
said Dr Serge Bischoff, co-founder and CEO of Rhenovia. "This
second round of funding is key to building our business
development."
Third-round funding planned for 2014
Rhenovia plans to complete a third round of funding of EUR 2
million in 2014. This will be open to new investors, particularly
family offices. To date the company has largely self-funded its
growth. It now intends to step up development across the three key
markets that it already services: pharmaceutical, agrifood and
neurotoxicity. Each of these three sectors has strong growth
potential.
By using Rhenovia's technology, the pharmaceutical industry can
identify new drug candidates and shorten lead times for
development, reducing the costs of R&D. The technology also
helps in anticipating risk (of side effects or interactions with
other molecules, for example). As a result, it can reduce the rate
of clinical stage failure. The health care and financial stakes are
therefore considerable.
In the field of agrifood, Rhenovia's simulators help in the study
of how the properties of foodstuffs, neutraceuticals and food
supplements affect the central nervous system, contributing to
R&D in the sector and to the validation of alleged health
benefits. Another challenge is to improve the prevention of
neurodegenerative disorders such as Alzheimer's and Parkinson's
diseases.
Rhenovia's technology can also measure the effects of neurotoxic
agents such as pesticides, nanoparticles, industrial emissions and
chemical weapons. It may also help in the development of antidotes
to poison gas, making it of key interest to stakeholders in civil
and military protection.
Rhenovia now has client contracts in each of these three
markets.
Rhenovia provides high-value added consultancy services based on
the use of its computer simulators, the development of new, bespoke
simulators and licensing for new technologies.
The funding raised in 2014 should enable a rapid increase in
Rhenovia's rate of business development. The company has particular
plans to supplement its service offering, structuring it to suit
each of its target markets with the intention of capturing a
significant share of the international market for biosimulation of
the central nervous system.
This market is showing strong growth. According to Rhenovia, it is
expected to be worth several tens of millions of euros in 2018.
About Rhenovia Pharma SAS
Rhenovia Pharma SAS is a French biotechnology company founded in
2007 by an international team that brings together managers from
large pharmaceutical companies and world experts in neuroscience
and nervous system modeling. The company is the world leader in the
application of biosimulation in the prevention and treatment of
neurological, neurodegenerative and psychiatric disorders and
diseases. Based in Mulhouse (France) and Cambridge (Massachusetts),
Rhenovia has around twenty members of staff in France, Switzerland,
Germany and the US.
(1) 'Global Biosimulation Technology Market (2012-2017)' study from
MarketsandMarkets, November 2012