Corimmun GmbH closes a EUR 5million financing round with MIG AG as lead investor
September 22, 2008
The biotech company Corimmun GmbH has successfully closed a series A financing with EUR 5 million.
The company which is specialized in inflammatory mechanisms in cardiovascular diseases received seed-financing from High-Tech Gründerfonds and Bayernkapital in 2006. This current investment will enable Corimmun to develop the lead product COR-1 until proof of principle in man in phase II. The product pipeline will be further expanded and developed. COR-1 is a peptide-drug, which inhibits the auto-antibody-mediated myocardial damage in heart failure. COR-1 is the first drug which targets this important mechanism and therefore addresses an unmet medical need in an important indication.
The lead investor in this series A round is MIG AG Munich, Germany. Co-investors in the investor consortium are GC Fund, Bayern Kapital and KfW Bank. The shareholders High-Tech Gründerfonds, Bio-M AG and SeedFonds Bayern also participated in this round. Corimmun was supported by Matthias Guth Corporate Finance Consulting in the preparation and closing of this financing round.
„We are delighted that we could attract MIG AG as lead investor and experienced and reliable partner. With this solid financial basis we can concentrate on the best value generation by a successful clinical development of the lead project COR-1 “, comments Corimmun´s CEO Dr. Götz Münch the closing.
„Besides the attractive market potential and innovative product concept of Corimmun we are pleased by the experienced management. Moreover, we were convinced by the scientific basis of Corimmun´s projects which were awarded in two „GoBio“ grants. The successful tech transfer out of outstanding German research institutes into a private company is an excellent example for the economical power and value generation potential“, says MIG member of the executive board Michael Motschmann.
About Corimmun GmbH:
Corimmun GmbH is a private biotechnology company located in Martinsried near Munich, Germany. Corimmun was founded in 2006 as a spin-off from the Universities Würzburg and Tübingen and is developing drugs with focus on inflammatory mechanisms in heart failure and atherosclerosis. The company applies several technologies in the development of innovative peptide and biological drugs. A seed financing led by Hightech Gründerfonds was closed in 2006.
PD Dr. Götz Münch
Am Klopferspitz 19
About MIG AG:
MIG Verwaltungs AG with operations in Munich, Germany is the initiator of the MIG funds, a series of venture-capital funds for private investors with the investment focus in German speaking countries. MIG was founded end of 2004 by successful entrepreneurs and has more then EUR 250 million under management in their funds. With the trade sale of the medtech company etkon AG to the swiss Straumann AG MIG fund had already the first successful exit.
MIG Verwaltungs AG
Ismaninger Straße 102
Telefon +49-89- 98 57 06
About High-Tech Gründerfonds:
High-Tech Gründerfonds invests venture capital in young technology companies that transform promising scientific research into business enterprises. The seed financing of up to 500 T€ shall result in a technical prototype, a proof of concept or a proof of market. High-Tech Gründerfonds has access to a fund volume of around 272.0 million Euro. Investors in this public-private partnership include the Federal Ministry for Economy and Technology, the KfW Banking Group as well as the six industry companies BASF, Robert Bosch, Carl Zeiss, Daimler, Deutsche Telekom and Siemens.
High-Tech Gründerfonds Management GmbH
Tel.: +49 (0)228 96568500
Fax: +49 (0)228 96568550