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BioVersys raises CHF 2.5 millions in a Seed Financing round
BioVersys AG is pleased to announce the closing of a seed financing round of CHF 2.5 millions. With this, BioVersys has taken the first step towards the development of novel therapies to overcome bacterial resistance against antibiotics.
“We are delighted to have received this strong support from such an experienced group of investors. The funds will enable BioVersys to expand the development of its novel class of therapeutic ompounds to overcome drug resistance within highly pathogenic bacteria”, commented the management team of BioVersys, Dr. Marc Gitzinger (CEO) and Dr. Marcel Tigges (CSO).
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 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