The BioInnovation Institute (BII), an international commercial non-profit foundation incubating and accelerating life science research, has invested in three international start-up companies in the U.K., Germany, and Finland.
The three new ventures are strategically aligned with the BII’s focus, developing ground-breaking scientific initiatives across the therapeutics and health tech space.
Each company will be funded with a risk-free convertible loan of €1.3 million ($1.3 million) and will be part of the BII’s community of life science start-ups. In collaboration with the BII team and its network, the companies will be guided to a competitive international level, receiving support in the rollout of development plans concerning drug development, manufacturing practice and regulatory strategy, ahead of a seed or series A financing round.
The three new ventures
Sevenless Therapeutics is a biotech company. Using mathematical methodology, Sevenless Therapeutics has identified a novel target in pain signaling and defined the drug properties required for success.
The company said it intends to deliver a safe and effective drug candidate for treating pain.
VEIL.AI said it brings anonymized health data to a new level with next-generation anonymization technology creating high-quality subject-level anonymized and synthetic data. It enables better use of GDPR-free data for life science and diagnostics companies, hospitals and health data hubs.
Myopax possesses proprietary muscle stem cell technology for advanced regenerative therapies to combat the devastating consequences of muscle diseases. The spin-off originates from the translational ecosystem in Berlin, the Charité University, the Max-Delbrueck-Center for Molecular Medicine in the Helmholtz Association and the Berlin Institute of Health.
Bobby Soni, chief business officer at the BioInnovation Institute, said: “Our goal is to harness the untapped potential of European research, and at the BII we are passionate about helping each venture overcome potential hurdles and position them to attract top-quality international investment. Spun out from excellent translational research environments across Europe, VEIL.AI, Myopax and Sevenless Therapeutics each hold great potential in the therapeutic and health tech space. We are pleased to support them in their growth – supporting business acceleration, scientific and team development.”
About the BioInnovation Institute
The BII, based in Copenhagen, Denmark, has supported 62 start-ups with €50 million ($50.1 million) in funding. The BII’s start-ups have in total raised €207 million ($207 million) from local and international investors.