Investment will support first-in-class development programs for pathway selective drugs targeting GPCRs
Gent, Tuesday 02 February, 2016 – V-Bio Ventures, an independent Venture Capital Fund, announced today the completion of Confo Therapeutics’ first financing round at €6.7 million.
Capricorn Health-Tech Fund, Qbic, Sofi and VIB were the original investors at the incorporation in June 2015. V-Bio Ventures, MINTS (University of Michigan), and PMV joined the second closing of this financing round.
Confo Therapeutics is a drug discovery company building a pipeline of development programs targeting G protein-coupled receptors (GPCRs) that are currently considered undruggable. GPCRs are attractive drug targets in the treatment of a wide range of disease conditions with high unmet need. CONFO® technology allows medically relevant GPCRs to be stabilized in their active signaling state, revealing new binding pockets accessible for drug discovery.
The investment amount of €6.7 million will be used to further establish the company in agonist GPCR drug screening, expand the team and build a portfolio of first in class pre-clinical development programs in therapeutically relevant disease areas.
In addition, Confo Therapeutics secured an IP license agreement with university collaborators VIB, VUB, University of Michigan and Stanford University. Both VIB and University of Michigan (MINTS program) made a direct investment in the company.
Following this round of financing, Christina Takke, Managing Partner of V-Bio Ventures, will join the board of Confo Therapeutics.
Stephan van Rooijen, CEO of Confo Therapeutics, added: “We are pleased with the successful completion of this financing round, which provides Confo Therapeutics with substantial start-up capital and a long term commitment from a syndicate of knowledgeable biotech investors. It will allow us to further develop our proprietary CONFO® technology and to start building a promising product pipeline with differentiated molecules targeting previously undruggable GPCRs.”
Christina Takke, Managing Partner at V-Bio Ventures: “V-Bio Ventures invests in early stage biopharmaceutical companies developing technologies that provide transformational improvements, supported by world class scientific research. This investment perfectly exemplifies V-Bio’s investment strategy and we are excited to contribute to the future success of this promising venture.”
Ekaterina Smirnyagina, Capricorn Venture Partners: “We have supported Confo Therapeutics since its inception and welcome the new investors. We look forward to working together on maximizing the value of the company’s truly innovative technology.”