Danish drug developer takes E15.2m injection

BioImage has secured E15.2m second round funding from a consortium of investors led by Abingworth Management.

BioImage, a Danish drug discovery company, has secured E15.2m second round funding from a group of investors led by Abingworth Management. Existing shareholder Apax Partners and new investor Novo also contributed.

Apax first supported the company in 1999, when it spun itself off from Novo Nordisk. It was the first Danish deal for the firm. Now Apax is looking to commercialise the company’s efforts, said Dr Stephen Thompson, a director at Apax Partners.

“We invested in a company with a proven scientific track record and an excellent portfolio of patent applications. We are delighted to participate in this subsequent financing round, investing in a company that has a commercial, viable patent portfolio,” he said.

BioImage has developed a technology that enables it to monitor intracellular events and protein translocation in living cells, which two years ago was a just a scientific concept. Today the company uses this development as the basis for limiting the side effects produced by certain drugs.

Currently the company has active projects in the areas of inflammatory and autoimmune diseases, diabetes, cancers and cardiovascular diseases. It intends to collaborate with pharmaceutical and biotechnology companies to commercialise its products.

Other recent healthcare investments Apax has made include Affymax, Atugen and metaGen Pharmaceuticals. The firm has invested more than E850m in 60 Healthcare companies.

Abingworth was founded in 1973 and focuses on early-stage life science and biomedical companies. The firm has around $400m of funds under management and has backed more than 50 life science firms. It recently closed Bioventures III LP its third biotech fund at $225m. Since its formation in 1973, Abingworth has raised nine funds, four of which are entirely dedicated to life sciences. Novo is a Danish venture capitalist and part of the Novo Group.