Drug discovery technology start-up DyNAbind secures seed financing
May 7, 2019
DyNAbind’s Dynamic DNA-Encoded Library technology platform allows hundreds of millions of chemical structures to be simultaneously screened and optimized against a potential drug target protein. This innovation continues to be driven forward with investment from the High-Tech Gründerfonds (HTGF), Technologiegründerfonds Sachsen (TGFS) and existing shareholder TUDAG – TU Dresden AG.
Finding a new drug candidate can be like finding a needle in a haystack. Imagine that instead of checking one straw at a time, you had a magnet that could search the haystack all at once. DyNAbind is offering that magnet in the form of their proprietary Dynamic DNA-Encoded Library (D-DEL) technology platform. Chemical structures are tagged with unique barcodes made from DNA and mixed together. This library of chemicals is then simultaneously screened against a drug target protein of interest. D-DEL technology delivers results at over ten times the speed of classical discovery methods.
The complexity of modern drug targets has driven demand for robust, reliable discovery technologies with minimized risk. DyNAbind partners with pharma, biotech and academic organizations to meet these needs. The company has already publicly announced deals with groups including SoseiHeptares, Northwestern University Chicago and OMass Therapeutics. A DEL discovery kit is also offered in partnership with Merck KGaA (MilliporeSigma in the US).
DyNAbind co-founder and CEO Mike Thompson is looking forward to putting this investment to good use. “It’s exciting for us to have closed this financing round. HTGF and TGFS have a strong track record in Germany, and we’re honoured that TUDAG has chosen to invest in DyNAbind for a second time. These funds will allow us to build up a new, larger lab space and expand our team to meet the increasing demand we’re getting from the market.”
Fabian Mohr, Investmentmanager at High-Tech Gründerfonds, summarizes their investment thesis: “DyNabind’s technology solves many obstacles of conventional offerings in the current market. We are convinced that the patented dynamic library design and the current selection of fragments and small-molecules in a favourable chemical space will strongly enable DyNabind to grow their business and create value for their customers.”
DyNAbind is a Dresden-based, privately held company offering drug discovery products and partnership based on its proprietary Dynamic DNA-Encoded Library (D-DEL) platform. DyNAbind is a spin-out from the lab of Prof. Yixin Zhang at the TU Dresden. Company development began in 2015 under an EXIST-Forschungstransfer grant, with foundation in 2017. For more information, visit www.dynabind.com
Dr. Mike Thompson
About High-Tech Gründerfonds
High-Tech Gründerfonds (HTGF) is a seed investor that finances high-potential, tech-driven startups. With EUR 892.5 million in total investment volume across three funds and an international network of partners, HTGF has already helped forge more than 530 startups since 2005. Driven by their expertise, entrepreneurial spirit and passion, its team of experienced investment managers and startup experts help guide the development of young companies. HTGF’s focus is on high-tech startups in a range of sectors, including software, media, internet, hardware, automation, health care, chemistry and life sciences.
To date, external investors have injected over EUR 2 billion into the HTGF portfolio via about 1,400 follow-on financing rounds. HTGF has also successfully sold interests in more than 100 companies. Investors in this public-private partnership include the Federal Ministry For Economic Affairs and Energy, the KfW Banking Group, and Fraunhofer-Gesellschaft e.V., as well as the companies ALTANA, BASF, BAYER, B.Braun, Boehringer Ingelheim, Robert Bosch, BÜFA, CEWE, Deutsche Post DHL, Dräger, Drillisch AG, EVONIK, EWE AG, Haniel, Hettich, Knauf, Körber, LANXESS, media + more venture Beteiligungs GmbH & Co. KG, PHOENIX CONTACT, Postbank, QIAGEN, RWE Generation SE, SAP, Schufa, Schwarz Gruppe, STIHL, Thüga, Vector Informatik, WACKER and Wilh. Werhahn KG.
About Technologie Gründerfonds Sachsen
The TGFS (Technologiegründerfonds Sachsen, Technology Founder Fund Saxony) provides technology-oriented start-ups with equity capital in the seed and start-up phase. The fund was launched in 2008 with a volume of 60 million € and increased to more than 124 million € in March 2016. Target companies of the TGFS are young, innovative, technology-oriented founders and companies in the ITC, semiconductor and microsystems technology, medical technology, life science, environmental and energy technology and new media sectors. The TGFS is aimed at young companies based or operating in Saxony.
About TU Dresden AG (TUDAG)
TUDAG – TU Dresden AG is a profit-oriented company based in Dresden with a total of over 600 employees. With more than 25 participations, it initiates and supports the transfer of knowledge and technology (primarily from the TU Dresden) to the private sector. In addition, TUDAG transports the requirements of industry to science. www.tudag.de
TUDAG – TU Dresden AG
Freiberger Str. 37
Tel.: +49 351 40470 302