Friday, January 25, 2008
NGI is one of the founding partners of BioGeneration Ventures Fund. This fund is dedicated to assisting start-ups and early stage companies seeking to commercialise cutting-edge research in life sciences. In January 2008, both NovioGendix™ and Progentix Orthobiology B.V. announced the closure of their Series A financing rounds. BioGeneration Ventures is lead investor.
NovioGendix
NovioGendix (NG), a spin-off company of Radboud University Nijmegen Medical Centre (RUNMC), is a service laboratory in the field of molecular diagnostics. One of the first molecular diagnostics tests NG offered was the new PCA3 diagnostic test for prostate cancer. PCA3 is a new gene-based test carried out on a urine sample to help decide whether a biopsy is really needed. With the development of other molecular diagnostic tests NG will be able to add more strings to its portfolio bow. Rob Tweehuysen, CEO of NovioGendix: “This investment and the collaboration with RUNMC will enable us to speed up our research. We have the ambition to discover other bio-markers which eventually will be licensed to the molecular diagnostics industry.” NG plans to expand its commercial operations in Europe, intending to confirm its leadership. Edward van Wezel, managing partner at BioGeneration Ventures: “The researchers have an excellent track record in the discovery and development of innovative molecular tests for cancer and high specificity and value for the patient. We are excited about working with them.”
Progentix Orthobiology
Progentix Orthobiology B.V. was established in 2007 and develops a unique suite of osteoinductive material products for clinical application in bone regenerative surgery. Progentix bone graft material is based on surface structured ceramic bio-material scaffolds that have the ability to attract growth factors and stem cells after implantation, which results in the induction of bone growth. The materials are superior to currently available synthetic ceramic bone grafts. They compete with the gold standard of autologous bone. The financing round will support further technology validation and the generation of clinical proof of principle. Dr. Joost de Bruijn, CEO of Progentix: “The financing will allow us to continue building value and lay the groundwork for the launch of our first products in the near future.” Edward van Wezel adds: “This novel technology platform will address a real medical need in the area of bone grafts.”