Cosmo: 25m Euros in First Round
Milan - Cosmo SpA, an Italian biotechnology R&D company, is preparing to close Euro25 million in Series A financing.
After fundraising for several months, Vice Chairman Rolf Stahel said the financing will be led by an undisclosed European bank. Other terms of the financing have not been disclosed. About 85% of Cosmo are now held by an individual investor. Pre-money valuation for the round is roughly Euro100 million, Stahel said.
Cosmo's business is divided into two parts. A Milan-based division is a gastrointestinal drug delivery business; the wholly owned U.S. subsidiary, Cosmo Bioscience Inc., is a cancer vaccine company based in La Jolla, California, which is centered on development of genetic immunization.