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Publication: VentureWire Lifescience
Date: 6th January 2005
Title: CMC Raises $18.6M In Third Round Fundraising
Pharmaceutical
contract manufacturer CMC Biopharmaceuticals A/S said it has raised EUR14
million ($18.6 million) in its third financing round.
Innoven Partenaires, a new investor, led the round which also included
a first-time investment from CatPen. CMC's two previous investors, European
Equity Partners and BankInvest, also joined the round
BankInvest seeded the firm in March 2001, providing an initial investment
of EUR 2.7 million. The firm contributed rougly 33% to the company's EUR10.1
million second round, which closed in August 2002 with participation from
European Equity Partners
CMC
Chairman David Kauffman said that following the third round, European
Equity Partners and BankInvest each have a 33% stake in the firm, Kauffmann
said though he declined to specify the post-money valuation.
CMC
provides cell line construct, process development and the manufacture
of active pharmaceutical ingredients. Holding European manufacturing authorization,
it offers clients technological processes including batch, fed-batch,
fill-and-draw and profusion
CMC
plans to devote the new funding to expanding its services to offer complete
cell line development, expression systems and cell banking. Other likely
uses for the new funds include increasing marketing efforts in the U.S.,
continental Europe and the U.K. and acquiring small research units.
"Operationally
profitable" for 2005, Kauffmann said that CMC does not anticipate more
fundraising rounds and has no plans for an IPO
CMC
manufactures drugs for approximately 15 American and European pharmaceutical
companies. Kauffmann declined to name the clients but said most were publicly
traded corporations
Kauffmann
attributed CMC's success with investors to a strong technology and experience
base in a market area with annual growth between 15% and 25%. CMC has
"strong commercial traction" he said. "The majority of new drugs are going
to come from the biologics arena."
In
2004 the Copenhagen-based firm completed an 8,500 square-meter production
facility. The company has 120 employees.
By
Alex Halperin
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