Danish biotech finds funding, despite the financial crisis  

2009.02.10
Two Danish biotech firms, 7TM Pharma and Symphogen, have both closed successful funding rounds since the start of the year
The financial crisis and the drying up of credit is leaving many a fledgling firm thirsty for capital to survive these troublesome times. But there are oases to be found in every desert. As financial daily newspaper Børsen reports, the Danish biotech company 7TM Pharma secured DKK 75m (USD 13m) in January to keep it going for another couple of years, while another biotech company, Symphogen, has just netted a handsome USD 44m which will be used to mature its pipeline of therapeutic hopefuls.
 
It's instructive to note that both the above mentioned firms have a broad, international spread of investors behind them. Kirsten Drejer, managing director of Symphogen, commented to Børsen: "We have some major international investors who are not time-pressurised in the way that smaller investors are. There are many funds that exit after a few years. We are favoured by investors who have lots of money and no time pressure."
 
Børsen writes that both 7TM Pharma and Symphogen are adopting a similar model to that practised by another successful biotech firm, Genmab, which takes the approach of getting lots of cash when it is available, rather than waiting until the need arises. This shows the importance of having strong capital support which is not under pressure to deliver a result within a certain time period, as is the case for many Danish venture funds, opines Børsen.
 
Link > Symphogen               
 
Link > 7TM Pharma              

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