BioVersys AG announces successful first closing of CHF 24.2 million Series C financing to develop clinical pipeline of novel AMR therapies
BioVersys AG, a privately-held clinical stage, multi-asset Swiss pharmaceutical company focusing on research and development of therapies for life-threatening multidrug-resistant bacterial infections and targeted microbiome modulation, announced today that it has raised CHF 24.2 million in a first closing of its Series C round. This first closing was significantly oversubscribed by both existing and new investors from diverse geographies. BioVersys intends to complete the Series C investment round by the end of 2022.
The confidence of our investors and the renewed interest of established pharma and biotech companies in antimicrobial resistance (AMR) validate the importance of the sector and the value of our portfolio of de-risked assets. In 2019, 1.27 million deaths were directly attributable to AMR, more than breast cancer, HIV or malaria. These numbers have yet again demonstrated the consequences of the lack of novel AMR solutions and the urgent need to address one of the greatest threats to the healthcare systems of the modern era.
The company will use the investment to initiate first Phase II clinical trials of BV100 and BVL-GSK098 and the preclinical development of BV200.
BV100 addresses serious infections caused by Carbapenem Resistant Acinetobacter baumannii (CRAB) in hospitalized patients, where mortality currently reaches 50% while BVL-GSK098 targets the 10 million tuberculosis (TB) sufferers identified each year, of which 1.5 million die every year.
Dr. Marc Gitzinger, Chief Executive Officer and founder of BioVersys: “This significant Series C financing enables us to achieve clinical proof of concept data for our clinical assets that will prepare the company for its next growth phase and continued operational excellence. We are grateful to the unwavering commitment of our knowledgeable long-term investors, and welcome a number of new investors that understand the need for clinically meaningful solutions to address the burgeoning AMR crisis.”
Dr. Seng Chin Mah, Chairman of BioVersys: “The strong support from global investors come at a critical juncture as the world grapples with two monumental anti-infective challenges – fallout from the Covid-19 pandemic and the lack of a working antibiotic. The AMR field is an attractive investment opportunity for strategic investors who are looking to impact global healthcare by preventing future pandemics, ensuring availability of pandemic-relevant drugs and participating in the upside potential of a changing regulatory and market environment. BioVersys is clearly one of the most compelling players in AMR.”