Venture capital fund makes its first investment in Denmark  

Venture capital fund Abingworth Management invests DKK 112 million in promising biotech company

BioImage, a biotech company partly owned by Novo Nordisk, has received a DKK 112 million (€ 15 million) investment from the venture capital fund Abingworth Management, which is advised by Apax Partners and Novo A/S. The cash injection will be used to capitalise on BioImage's technology in cell-based screening and to further its drug development programme in a number of therapeutic areas, which is focused on identifying promising candidate molecules with fewer side effects.

"BioImage is our first investment in Denmark, but we seek to invest wherever we find pioneering companies with clear commercial opportunities which BioImage has already demonstrated through its co-operation with Amersham International" says David Leathers, a partner at Abingworth Management.

BioImage was founded in 1999 as a spin-off from Novo Nordisk, based on methods and results originally discovered and developed within the parent company. BioImage uses expertise in redistribution technology to develop candidate drugs with new modes of action that involve fewer side effects.

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