Nuevolution A/S Raises € 11 Million in New Financing Round
The new capital will allow the company to significantly expand its current business of identification of small molecule lead compounds against therapeutically important high value targets.
Jonas Brambeck, Investment manager of Industrifonden said "Nuevolution has shown the commercial use of their proprietary and innovative technology, and we believe the planned expansion in Sweden adds attractiveness to the investment”.
About Nuevolution A/S
Nuevolution is a leading small molecule lead discovery company founded in 2001 and based in Copenhagen, Denmark. The company has developed Chemetics®, a unique, patent protected hybrid of proven wet chemistry and molecular biology which represents the ultimate fragment based drug discovery technology. Chemetics® enables rapid synthesis and DNA-tagging of hundreds of millions of chemically diverse drug-like small molecule compounds and the efficient screening of these, facilitating the identification of potent drug leads at unprecedented quantity, quality and speed compared to existing drug discovery technologies. Nuevolutions library collection currently exceeds 1 billion small molecule compounds and synthetic biologics for screening.
Nuevolution partners its technology with pharmaceutical and biotechnology companies. Nuevolution has entered into agreements with Merck & Co., Lexicon Pharmaceuticals, GlaxoSmithKline, Novartis Pharma and Boehringer Ingelheim. Nuevolution has also entered into a joint venture consortium between Nuevolution, EpiTherapeutics, ExpreS2ion Biotechnologies and Professor Kristian Helin (Biotech Research & Innovation Centre, University of Copenhagen) aiming at discovery and development of novel small molecule drugs against epigenetic factors. This $ 4 million budget project is supported by the Danish High Technology Fund.
Nuevolution has demonstrated the power of Chemetics® by identifying highly potent and drug like novel ligands with the potential to address major unmet medical needs across a range of therapeutic areas and target classes.
Nuevolution is a privately owned company by key Scandinavian investors, including Industrifonden, SEB Venture Capital, Sunstone Capital, SLS Invest and Novo A/S.