January 7, 2009
Synosia Therapeutics Receives CHF32 Million ($27,600,000) In Series B venture capital Investment
Based in Basel, Switzerland, Synosia Therapeutics receives over 32 million Swiss Francs ($27,600,000) in Series B private vc funding. Synosia Therapeutics is a privately owned company that develops innovative products for the clinical psychiatry and neurology. The company is currently working on a new drug compound that would serve the unmet needs for treating various neurological and psychiatrical and neurological disorders such as anxiety and Parkinson�s disease. These compounds are being tested for the market together in partnership with Novartis, Roche, and Syngenta.
The current funding will go to help the company�s ongoing development of its portfolio of phase II clinical programs. The funding was spearheaded by Aravis Venture along with Investor Growth Capital and the Swiss Helvetica Fund. Existing investors, Versant Ventures, 5AM Ventures, and Novo A/S also took part in this massive funding. According to Jakob Lindberg, partner with Investor Growth Capital, Synosia Therapeutics already has two of the six clinical-staged compounds acquired from Roche being marketed by other companies. This allows the company to build on years of experience with patients and immensely reduce the safety risks. As far as Jean-Phillippe Tripet, managing partner of Aravis Venture, is concerned, the high quality of Synosia�s portfolio and management team are very impressive and it is rare to see a privately owned bio tech company to already have four products in phase II clinical trials. Along with the funding both Jean-Phillippe Tripet and G�sta Jonsson, independent scientific advisor of Investment Growth Ventures have joined Synosia�s board of directors.
Aravis Venture is a Switzerland based vc firm that manages funds dealing with the life sciences, especially bio technology. The vc firm also funds renewable energy projects as well. Aravis was founded in 1995 and has invested more than $600 million in over 80 companies.
The Swiss Helvetica Fund is a closed-ended investment company that seeks long term capital appreciation by investing in the equity of Swiss companies. The fund can also hold equity and securities of non-Swiss companies as well.
Investor Growth Capital is an arm of Investor AB which is publicly traded on the Stockholm Exchange. Founded in 1916, this vc firm is the largest industrial holding company in Northern Europe.