Top tier venture capital firms from across Europe are backing Glycar Biotechnology, which has developed a way to magnify the power of antibodies that are used to kill cancer cells, to the tune of SFr 18 million.This content was published on November 28, 2003 - 09:09
The firm can offer its platform to other drug development companies who want to increase the potency of their drugs, but it also has a number of drug candidates of its own that it wants to develop.
The young firm, a spinoff of the Swiss Federal Institute of Technology at Zurich, has attracted a lot of attention since the day it was founded slightly over two years ago. Its founders won awards from the De Vigier Foundation, were part of the New Entrepreneurs in Technology and Science program, and it won the top place in a Wall Street Journal special research report about European innovation.
But this is the firm’s first round of capital. It was led by Global Life Sciences and Gilde Investments. Deutsche Venture Capital, ABN Amro, Quester, and Biomedinvest joined in.
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