Over 5 million euros for Lindis Blood Care: development of a new product for the removal of tumor cells from surgical blood
Hennigsdorf, Potsdam, Germany: December 11, 2019.
• Clinical development of the product CATUVAB secured
• CATUVAB is designed to enable tumor cell free return of autologous blood collected during a surgery without significantly altering standard surgical procedures
• High-Tech Gründerfonds (HTGF), Brandenburg Kapital and five private investors participated in a capital increase
• Including the ILB grants from the "ProFIT" program of the European Regional Development Fund (3.3 million euros), the Company receives a total of more than 5 million euros
As is standard during tumor surgeries, when large volumes of blood are lost, donor blood is given to the patient. Worldwide, this is the case for more than half a million tumor surgeries annually. This procedure can result in many serious side effects and increased tumor recurrence rates. However, such side effects could be avoided in the future by CATUVAB and the potential use of the patients’ own blood.
In tumor surgery, the collection and return of a patient’s blood during surgery (autologous blood transfusion) which is done with the use of an autotransfusion system (ATS) is not part of the standard of care, as during a tumor surgery often cancerous cells are released. These cancerous cells must not be returned to the patient. This is where CATUVAB comes in. It consists of the combination of a bispecific antibody and a filter, thus enabling the reliable removal of tumor cells from the blood in the context of the standard ATS method. The product and procedure can be integrated into everyday clinical practice and potentially become an integral part of a contemporary "patient blood management" process.
"By completing this financing round, we are now in the position to rapidly develop our promising product, which will bring significant added value to cancer patients," said Horst Lindhofer, co-inventor and one of the founders of Lindis Blood Care (LBC). His founding partner Franzpeter Bracht continued: "With the fresh capital, we can now continue through the last phase of development to regulatory approval and then look for commercial partners outside Europe."
"Innovative procedures are needed in the field of oncology. We are convinced that LBC's outstanding medical device delivers significant added value to tumor surgery," said Tobias Faupel, Senior Investment Manager of High-Tech Gründerfonds. “We are impressed by the experienced development team of LBC in combination with their highly innovative research. Therefore, we are pleased to accompany this development with the early-phase and growth fund of Brandenburg Kapital to ensure that the establishment of the Company in Hennigsdorf succeeds," commented Dr. Angelika Vlachou, Senior Investment Manager of Brandenburg Kapital.
About the ProFIT Program/ Investment Bank of the State of Brandenburg
The ProFIT funding program supports companies and research institutes in the German federal state of Brandenburg with individual and joint projects in the phases of research and development as well as market preparation / market launch with grants and loans. Feasibility studies by external service providers (companies or research institutes) to prepare for research activities are also supported. Cooperations between science and industry as well as technology transfer are particularly designed to strengthen and accelerate the economic exploitation of research and development results in Brandenburg. The funds used come from the European Regional Development Fund and the state of Brandenburg. To date, more than 112 million euros in grants and loans have been approved through ProFIT.
About High-Tech Gründerfonds
High-Tech Gründerfonds (HTGF) is a seed investor that finances high-potential, tech-driven start-ups. With EUR 895.5 million in total investment volume across three funds and an international network of partners, HTGF has already helped forge more than 560 start-ups since 2005. Driven by their expertise, entrepreneurial spirit and passion, its team of experienced investment managers and start-up experts help guide the development of young companies. HTGF’s focus is on high-tech start-ups in a range of sectors, including software, hardware and life sciences/ chemistry. To date, external investors have injected over EUR 2 billion into the HTGF portfolio via about 1,400 follow-on financing rounds. HTGF has also successfully sold interests in more than 100 companies.
Investors in the public-private partnership include the German Federal Ministry of Economics and Energy, KfW Capital, the Fraunhofer-Gesellschaft and the commercial enterprises ALTANA, BASF, Bayer, Boehringer Ingelheim, B. Braun, Robert Bosch, BÜFA, CEWE, Deutsche Post DHL, Dräger, Drillisch AG, EVONIK, EWE AG, FOND OF, Haniel, Hettich, Knauf, Körber, LANXESS, media + more venture Beteiligungs GmbH & Co. KG, PHOENIX CONTACT, Postbank, QIAGEN, RWE Generation SE, SAP, Schufa, Schwarz Gruppe, STIHL, Thüga, Vector Informatik, WACKER and Wilh. Werhahn KG.
About Brandenburg Kapital GmbH/ Investitionsbank des Landes Brandenburg
The Investitionsbank des Landes Brandenburg (ILB) manages various investment funds that finance growth- and innovation-oriented companies based and/or operating in Brandenburg. The funds for the early-stage and growth fund of Brandenburg Kapital, which was set up on behalf of the Brandenburg Ministry of Economics, are currently provided from funds of the European Regional Development Fund and from the ILB's own funds. To date, ILB's investment activities have helped 215 companies grow by around EUR 235 million. Around 8,400 modern jobs have been created or secured. The funds managed by ILB cover the entire spectrum from venture capital financing in the start-up phase and early growth phase to mezzanine financing for established medium-sized companies. In addition, private investors have so far invested more than 450 million euros in the companies. Further information: www.brandenburg-kapital.de
