BioInnovation Institute announces latest cohort of companies entering Venture Lab program

New cohort comprises eight start-up initiatives developing pioneering science for a range of therapeutic, bioindustrial and health tech applications

News provided by

BioInnovation Institute

Mar 15, 2022, 04:00 ET

COPENHAGEN, Denmark, March 15, 2022 /PRNewswire/ -- BioInnovation Institute (BII), an international commercial non-profit foundation incubating and accelerating world-class life science research, today announces the latest cohort of participants in its Venture Lab acceleration program for early-stage companies. The eight ventures are strategically aligned with BII's focus, developing ground-breaking scientific initiatives across three specialist areas – therapeutics, bioindustrials and health tech.

Designed to help build research-based ideas with high-growth commercial potential into viable start-ups, BII's 12-month Venture Lab program supports business acceleration, scientific and team development, and provides a risk-free convertible loan of EUR 0.5 million plus access to labs and offices at BII's entrepreneurial ecosystem in the center of Copenhagen. Since inception in 2018, BII has supported 71 start-ups and projects with EUR 44 million in funding.

Commenting on today's launch, Bobby Soni, Chief Business Officer at BioInnovation Institute, said: "Following the launch of our Venture Lab program last year and an initial intake of exciting new companies, BII has continued to receive a stream of promising applications. We are delighted to announce the next cohort of start-up initiatives accepted onto the program and we look forward to supporting them with the many aspects of development needed to deliver first-in-class science that will positively impact global health and the environment."

The new ventures BII has accepted into the Venture Lab program are:

Ousia Pharma: Danish biotech start-up focused on the design and development of effective and safe pharmacotherapies to improve the health and lives of the >650 million people living with obesity.
Tetrakit Technologies: developing the next generation of radioactive drugs to find and destroy cancer tumors. Tetrakit Technologies' mission is to enable better, safer and more cost-effective theranostic radiopharmaceuticals for patients with advanced cancer.
Nordic Virtual Pastures: aims to accelerate the cultured meat revolution through a ground-breaking new method. The Company's cultured minced beef product, 'Poetic Meat', will allow the world to continue eating meat without the environmental and ethical issues that surround the conventional meat industry.
Algiecel: uses natural micro-algae organisms, a highly compact and high yield photobioreactor technology fitted into standard shipping containers and a new revenue sharing business model to offer carbon capture as a service to industrial clients.
Aiomic: developing the Surgical Advanced Warning (SAW) system to combat postoperative complications. With automated tracking and real-time risk assessment, the SAW system will function as a business intelligence tool for hospitals, a decision support tool for healthcare practitioners and an individualized patient empowerment tool for surgical candidates.
Mello: developing a unique and technologically advanced encapsulation delivery system, suitable for preserving sensitive ingredients such as probiotics, live-biotherapeutics and bio-actives. Our solution will optimise the potential for therapeutic and health conferring effectiveness, via food and drink, by enhancing (ingredient) integrity, during processing, storage and downstream transfer.
Warburg Oncology: working on novel and innovative therapeutic principles focused on inhibition of tumour-cell metabolism and immune-evasion.
Probmet: a precision oncology therapeutics company developing targeted treatments for breast cancer brain metastatic patients. Scientists and clinicians will lead the development of breakthrough targeted therapies for metastatic breast cancer in the brain, a devastating disease that currently has limited treatment options.

Each start-up will be supported in undertaking the necessary steps to reach initial proof-of-concept, to make a business plan and to set up a team. Assisted by a dedicated scientific advisor, a leadership coach and a BII business development expert, these new ventures will be guided in developing a detailed milestone plan and will be provided assistance in overcoming the challenges of growing a business.

BII's start-ups have in total raised more than EUR 147 million from local and international investors. Its diverse team brings venture capital, pharma and business expertise together to help early-stage companies accelerate to the next stage of growth. Recent company successes include Adcendo, Stipe Therapeutics, Twelve Bio, Octarine Bio, and Chromologics.

About the BioInnovation Institute Foundation

The BioInnovation Institute Foundation (BII) is an international commercial foundation with a nonprofit objective supported by the Novo Nordisk Foundation. BII operates an incubator to accelerate world-class life science innovation that drives the development of new solutions by early life science start-ups for the benefit of people and society.

BII, located in Copenhagen, Denmark, offers start-ups and early-stage projects within health tech, therapeutics, and bioindustrials state-of-the-art labs, vibrant office facilities, business development, start-up business incubation, access to high-level mentoring and international networks, plus unique funding opportunities of up to EUR1.3 million per start-up and EUR 2.4 million per project.

Since the inauguration of BII in November 2018, BII has awarded EUR 44 million to 71 high-growth start-up companies. Read more on www.bioinnovationinstitute.com

SOURCE BioInnovation Institute