Danish biotech company attracts multimillion investment  

2002.05.07
Vækstfonden and UK venture company 3i invest DKK 40 million in Genesto

Financial daily newspaper Børsen reports today that a fledgling Danish biotech company, Genesto, has obtained DKK 40 million (USD 4.8 million) in funding and a licence agreement with Genmab's main US shareholder Medarex. Medicon Valley based Genesto will use the same technology as Genmab to develop new antibodies against life threatening infections in humans.

The financial backing is being provided by Vækstfonden and the UK venture company 3i, the latter making its debut as an investor in the Øresund Region's pharmaceutical industry. In return for the capital injection, Vækstfonden and 3i gain a majority shareholding in Genesto, with Medarex also holding a large tranche of shares. Background information on Genesto can be seen at > www.genesto.dk

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