A business which helps pharmaceutical companies develop drugs for diseases of the brain has raised €390,000 in a first round of angel funding.
A business which helps pharmaceutical companies develop drugs for diseases of the brain has raised €390,000 (£330,000) in a first round of angel funding.
France-based Rhenovia Pharma raised the money from Alsace Business Angels (both individually and via their fund ABA Invest), two entrepreneurs from France and Switzerland and SODIV, an investment fund for the economic development of the Alsace region, which converted a loan into equities.
The financing brings Rhenovia’s total funding to €1.4 million, including cash injections from the founders, public sector grants and revenues generated by service contracts with technology consultancy Altran and pharmaceutical group Sanofi Aventis.
Founded in 2007 to exploit technology developed at the University of Southern Carolina, Rhenovia has developed a system for modelling the central nervous system, known as “biosimulation”. This is used to help optimise drugs for the treatment of Alzheimer’s and other diseases of the brain.
CEO Serge Bischoff says the financing marks a milestone in the company’s development, both financially and in terms of recognition.
The company recently announced a subcontracting deal with the US National Institute of Health worth around $440,000 (£270,000).