BioVersys raises CHF 2.5 millions in a Seed Financing round

BioVersys targets a class of bacterial transcriptional regulators, which initiate bacterial defense mechanisms causing drug resistance. The company created a novel class of therapeutic compounds called TRIC (Transcriptional Repressor Inhibiting Compound), which “switches off” bacterial resistance. Co-administration of BioVersys’ proprietary TRIC’s together with an existing antibiotic restores the effectiveness of antibiotics previously rendered ineffective due to resistance.

To date, BioVersys has applied its TRIC discovery technology to identify and characterize a series of small molecules that specifically overcome drug resistance in tuberculosis bacteria and is currently expanding its portfolio towards another area of high unmet medical need, nosocomial infections. “The recent emergence of a new superbug equipped with genes that render many compounds from the current generation of antibiotics ineffective demonstrates the urgent need for new ways of combating resistance.

BioVersys represents an exciting novel approach towards achieving this unmet medical need in terms of potential new therapies as well as the commercial upside of rejuvenating older proven safe antibiotics” says Dr. Seng Chin Mah, Chairman of the Board. The science for the technology of BioVersys came out of the group of Prof. Martin Fussenegger of the Department for Biosystems (D-BSSE) at the ETH Zurich in Basel. He said, “It’s great to see that, after such a short time since the start of the new ETH Zurich Department in Basel, there’s already the first spin-off company relocating to the Basel economic area.”

“EVA – the Basel life sciences Start-Up agency” led this financing round, which included a circle of highly-experienced private investors out of the BioValley Business Angels Club BioBAC. Further details of the transaction will not be disclosed. Dr. Peter Burckhardt commented: “BioVersys is an enrichment for the Start-Up scene. The life sciences environment within the Basel Area is the best setting for BioVersys.”

Contact: Dr. Marc Gitzinger, BioVersys, Tel. +41 61 387 3289, gitzinger@bioversys.com

BioVersys AG is a privately held biopharmaceuticals company. It is a spin-off company from the ETH Zurich located in Basel. The company focuses on the research and development of new drugs and compounds, which switch off drug resistance within bacterial pathogens and thus restore the efficacy of existing antibiotics. The Team and the technology of BioVersys have already received multiple awards, such as Venture Kick, “Heuberger Winterthur Jungunternehmerpreis”, the Swiss TB Award, Venture Leaders 2008 and the CTI label. (www.bioversys.com)

EVA – the Basel life sciences Start-Up agency (ErfindungsVerwertung AG) was incorporated 1996 in Basel with the support of the cantonal banks of Basel-Stadt and Basel-Landschaft as well as private investors. EVA chaperones the realization from inventions and innovations towards entrepreneurial projects by supporting Start-Up companies out of life sciences and nanotechnologies during their early stages. Consulting and actively taking part in Seed investment rounds mainly give this support. EVA also serves as interface to institutions and follow-on investors. During the last years EVA has significantly supported the incorporation of 25 companies and is still actively involved in eight. (www.eva-basel.ch)

BioValley Business Angels Club BioBAC is a platform for Business Angels focusing on life sciences / MedTech. BioBAC was launched early 2007 as extension of the formerly existing BioValley Investor Lunch Club. BioBAC is the only Swiss Business Angel group with an exclusive investment focus on life sciences / MedTech Start-Ups. Currently BioBAC counts 30 active members. Until today, 65 Start-Up companies presented their business cases and BioBAC invested in the course of four years close to CHF 24 million in 24 different companies. Alone CHF 13 million were invested into eleven companies stemming from the North-Eastern region of Switzerland. (www.biobac.ch)