Eleva Secures up to EUR 60 million to Advance a Drug Candidate, Appoints New Board Member
Eleva, a manufacturer of superior biologics, has secured up to EUR 60 million in funding from Zukunftsfonds Heilbronn (ZFHN). The funds will help advance one of its drug candidates, CPV-101, to stages that will facilitate further investment from venture capitalists and/or pharmaceutical companies. Eleva also announced the addition of Dr. Ralf Smit to its Executive Board.
Eleva has been utilizing its unique moss-based platform to produce novel drugs. ZFHN, an investor in local start-ups, is now providing up to EUR 60 million to help take CPV-101, a potentially game-changing complement regulator, to more advanced clinical stages. This will enable additional investment from venture capital firmsand/or pharmaceutical companies on the path to approval. Complement regulators manage inflammatory processes by protecting the body’s own cells and preventing excessive inflammation. Current methods block the inflammation pathway but promote further infections and pathogen proliferation.
Andreas Schaaf, CSO of Eleva, says: “ZFHN has been a great supporter and long-term strategic partner. Together we are convinced that the unprecedented potential of our platform will deliver tomorrow’s therapeutics.”
Eleva also announced the addition of Dr. Ralf Smit as CBO (Chief Business Officer) to its Executive Board. Ralf Smit has over 25 years of experience in business development and commercialization with pharmaceutical companies (Roche, BioStrat). Previously an advisor to Eleva, he will now head its Clinical and Business Development.
Based in Freiburg, Germany, Eleva develops novel biological therapies with its pharmaceutical partners. The privately-held company leverages its unique moss-based production platform to produce supreme biologics like antibodies, replacement enzymes, or fusion toxins. Eleva has successfully developed drug candidates into clinical phases.
About zfhn Zukunftsfonds Heilbronn
Since it was founded in 2005, zfhn ZukunftsfondsHeilbronn has been one of the largest venture capital funds in Germany. It assists primarily young, innovative technology firms that are established in the Heilbronn region or are ready to settle there in the short to medium term. Zukunftsfonds is privately financed and holds hundreds of millions of euros in owner’s equity. It supports companies with capital, know-how and contacts in the Heilbronn economic region. Its objective is the continued growth of Heilbronn as a successful technology site. This willalso include the setup and expansion of clusters (medtech, biotech, cleantech) on a local level.
Learn more at www.elevabiologics.com
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