12 Million Euros for Biovertis
Vienna - Biovertis AG, a spin-off from Vienna-based Intercell AG, has closed a Series A financing round of up to Euro12 million. In addition, Biovertis has been awarded start-up grants and loans totalling more than Euro5 million over the next years. “We are proud that Biovertis could attract such a significant level of funding, making it one of the largest start-up financings in the last years,” said Alexander von Gabain, CEO of Intercell. The equity funding was provided by Techno Venture Management (TVM), Munich, and by Austrian Kapital & Wert Group who provided silent partnership funds. Erich Felber, co-founder and previously Executive Board member of Micromet AG, Germany, joined the company as CEO. In September 2003, Biovertis was spun-off from Intercell, a leading vaccine company, which retained a 25% equity stake post series A. Biovertis uses Intercell's AIP technology to identify and select bacterial antigens as targets.