BioVersys AG announces extension of its Series C investment round to CHF 32.6 million as the AMR Action Fund makes its first European-based investment.
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 the AMR Action Fund has joined existing investors of BioVersys, extending the total proceeds of the Series C round to CHF 32.6 million. BioVersys represents the first European-based investment of the AMR Action Fund.
This investment further validates the attractiveness of the BioVersys pipeline of novel AMR therapeutic programs being developed. The AMR Action Fund investment will be used to support the clinical development of BV100, a potential breakthrough hospital antibiotic targeting the most drug-resistant bacterial pathogen, Acinetobacter baumannii. BV100 will soon be tested for the first time in a Phase 2 clinical trial, in patients with nosocomial pneumonia, including ventilator-associated bacterial pneumonia (VABP), to assess the pharmacokinetics, safety, and efficacy against carbapenem resistant Acinetobacter baumannii (CRAB), where mortality currently reaches 50%. Carly Levine, PhD, of the AMR Action Fund will join BioVersys’ board of directors.
Dr. Marc Gitzinger, Chief Executive Officer and founder of BioVersys: “We are proud that BioVersys was selected as the first European-based investment of the AMR Action Fund. This investment is timely as we transition two of our programs into clinical Phase 2. The AMR Action Fund, backed by leading pharmaceutical companies and a global network of scientific and industry experts, will be a valuable partner in our efforts to develop much needed novel antibacterials for patients in need. We look forward to welcoming the AMR Action Fund to our knowledgeable long-term investor base, which has always been fully vested in helping to address the global AMR crisis and save lives.”
Martin Heidecker, PhD, AMR Action Fund’s Chief Investment Officer: “BioVersys is developing antimicrobials that target some of the most menacing drug-resistant bacteria in the world today, and we are thrilled to welcome the company to our portfolio. The candidates in its pipeline have the potential to significantly improve care for patients suffering from intractable infections for which there are few, if any, effective treatments. We are eager to work with the BioVersys team to help bring these therapeutics to patients.”
Dr. Seng Chin Mah, Chairman of BioVersys: “The decision of the AMR Action Fund to invest in BioVersys is an independent institutional validation of the rich and diverse BioVersys pipeline which offers high quality AMR drug candidates in clinical development and compelling investment value. The world-class team at BioVersys continues to strive tirelessly to deliver on their mandate of bringing life-saving therapies to AMR patients who are increasingly facing a lack of treatment alternatives and to generate stakeholder value. The AMR field remains increasingly attractive to both strategic and impact investors who understand the crucial global relevance of new antimicrobials.”