Direvo Biotech completes E8.75m financing

The financing comes from both venture and private investors.

In another move that illustrates the increasingly close relationship between venture capitalists and scientists, Direvo Biotech AG today announced that it has closed an E8.75m first round of equity financing.

The round was subscribed by venture and private investors including TVM Techno Venture Management, Nobel laureate Prof. Dr. Manfred Eigen and Dr. Ruthild Winkler-Oswatitsch (of the Max-Planck-Institut für biophysikalische Chemie, Göttingen).

Dr. Andre Koltermann, CEO, president and co-founder of Direvo, said: “The proceeds of this round will enable Direvo to broaden its product pipeline and to accelerate specific product developments for industrial and pharmaceutical enzymes.”

Dr. Hubert Birner from TVM Techno Venture Management, who will be joining Direvo's board of directors said: “The demand for functional improvement of biomolecules as well as the generation of new biomolecules is basically unlimited. Given Direvo’s strong technology position, we are very enthusiastic about the company’s prospects for the future”.

Direvo Biotech AG is a privately held biotechnology company which develops products by directed evolution of biopolymers for industrial usage, chemical processing and medical applications.