Over DKK 3 billion (USD 413 million) raised by BioInnovation Institute portfolio companies to date

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Apr 04, 2023, 03:30 ET

Portfolio company Adcendo Aps, today announces extension of Series A financing to 82M EUR.
BII publishes its 2022 Impact Report outlining the success of its portfolio companies in the past year.
BII's ambition is to support early-stage life science projects and start-ups for the benefit of people and society.
Sourcing science globally and translating it to commercially viable companies in the innovative Nordic ecosystem.

COPENHAGEN, Denmark, April 4, 2023 /PRNewswire/ -- BioInnovation Institute (BII), an international non-profit foundation incubating and accelerating world-class life science research, today announces that following portfolio company, Adcendo's Series A extension announcement issued this morning, it can now confirm that over DKK 3 billion (USD 413 million) has been raised by BII's portfolio companies to date. The announcement follows the publication of BII's Impact Report for 2022, outlining the achievements and successes of the Company and its portfolio over the past year.

Since its inception in 2018, BII has supported 80 start-ups and projects with grant funding of EUR 71 million, alongside access to high-level mentoring and international networks to help them accelerate to the next level, bridging the gap between academia and business. The portfolio is made up of 44 human health and 11 planetary health start-up companies, of which 55 of them have managed to secure 3 billion DKK in funding, nearly 5 times more than the BII has awarded in financial support.

Today, original incubate and portfolio company, Adcendo Aps, a biotech company focused on the development of breakthrough antibody-drug conjugates (ADCs) for the treatment of cancers with a high unmet medical need, announced the successful completion of a Series A extension, raising a further 31 million EUR, following its initial 51 million EUR Series A financing in April 2021. The initial fundraise was one of the largest Series A financing rounds for a Danish biotech company.

Adcendo was incubated at the BII in 2019 by being accepted into the Venture House program. Throughout the 18 months of incubation at BII, the team further refined the technology, tested the efficacy and safety of several promising candidates, strengthened the business plan and clinical strategy. Adcendo also established new partnerships and appointed an Advisory Board.

As outlined in the BII Impact Report 2022, there have been a number of other success stories to note from the past year. This includes Cirqle Biomedical, which entered into a research collaboration with the global women's healthcare company, Organon, to develop an investigational non-hormonal, on-demand contraceptive candidate, worth EUR 9.4 million upfront and up to EUR 338.4 million in potential milestone payments, plus royalties on net sales. Additionally, Synklino, a biotech start-up developing pioneering drugs for the treatment of chronic viral infections, raised EUR 29.8 million in a Series A investment.

Jens Nielsen, Chief Executive Officer, at BioInnovation Institute, said: "At BII, our mission is to recognise and support early-stage life science start-ups and projects and catalyze their commercialization by using our knowledge, network, funding, and infrastructure. Adcendo is a fantastic example of success and I believe that together we can drive the development of new solutions and ultimately, positively impact the societal challenges in human and planetary health around the world."

About the BioInnovation Institute Foundation:
At BioInnovation Institute (BII), we accelerate world-class life science start-up innovation for the benefit of people and society. As a non-profit institute, BII operates the company creation programs, Bio Studio, Venture Lab and Venture House, to support life science start-ups with knowledge, network, infrastructure and funding of up to 3M EUR per projects and 1,8 M EUR per start-up. With our expertise, network, funding, and infrastructure, we empower startups to succeed and believe in the transformative power of life science innovation. Read more on www.bioinnovationinstitute.com

About Adcendo ApS
Adcendo ApS is developing breakthrough antibody-drug conjugates (ADCs) for the treatment of underserved cancers. In 2023, the company completed a Series A extension financing round, taking its funds to 82M EUR to advance into clinical development. Investors include Novo Holdings, Ysios Capital, Pontifax Venture Capital, RA Capital Management, HealthCap and Gilde Healthcare. For further information, please visit www.adcendo.com

SOURCE BioInnovation Institute