Nuevolution gets fresh capital to develop its Chemetics technology  

2003.10.15
Nuevolution A/S raises USD 15 million in first close of Series B equity financing

Drug discovery company Nuevolution A/S has raised a USD 15 million (DKK 96 million) investment led by Scandinavian Life Science Venture (SLS). Other new investors in Nuevolution include Sweden's SEB Företagsinvest, a division of Skandinaviska Enskilda Banken AB. The money will be used to develop Nuevolution's groundbreaking technology which makes genes code small molecules. With this technology, called Chemetics, it is reportedly possible to produce better and safer drugs.

 

CEO of Nuevolution Zahed Subhan says that the company is very pleased to have attracted such attention from the financial world in the currently challenging economic climate. Subhan adds that Nuevolution will now accelerate the development of its Chemetics technology so that it can build large libraries of substances which can revolutionise the work on finding new drugs. The news is reported by Biotechdenmark and on Nuevolution's website.

 

Link > Nuevolution

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