Danish biotech company gets milestone payment  

2003.05.19
Genesto receives DKK 10 million milestone payment following funding agreement with Danish Growth Fund and 3i last year

Medicon Valley based biotechnology company Genesto has received a milestone payment of DKK 10 million (USD 1.5 million), following a DKK 40 million (USD 6 million) funding agreement that the company entered with the Danish Growth Fund and 3i last year, the latter making its debut as an investor in the Øresund Region's pharmaceutical industry. 3i investment director Arne J. Gillin commented, "We have a biotech success story here. Things are going according to plan, and the future looks promising".

 

Genesto specialises in research, development and commercialising of antibodies against life threatening infections, and has an R&D cooperation with the US biotech company Medarex. The original DKK 40 million funding will finance Genesto's operations for the rest of this year, but new capital will need to be found for 2004. The company has declined to put a figure on how much additional funding it will require. The news is reported by biotechdenmark.dk

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