EUR 1.5M MUBIO CANCER VACCINES
[BIZ/LIFE SCI: Maastricht/Hasselt, September 19] MUbio now produces and markets antigens and antibodies for scientific research. The company is going to use the extra capital for the development of diagnostics for lung cancer and cytomegalovirus (CMV) infections. MUbio is also developing vaccines against these diseases. MUbio intends to expand its operation at the Biopartner Center Maastricht, the life sciences incubator building on the campus of Maastricht University. In the near future, there will also be a MUbio branch at the Diepenbeek Science Park on the Hasselt campus, where MUbio will set up development and production activities. This first cross-border cooperation between the two investment companies is an example of how transnational cooperation can give shape to a business organization that will operate from two locations. Over the next three years MUbio anticipates a capital requirement of EUR 1.5m. Of this amount, EUR 940,000 will be provided by LRM and LIOF (50/50). The investment will be effected in part in the form of share capital and for the rest in the form of a subordinated loan convertible into capital. Both LIOF and LRM have seats on MUbio’s Supervisory Board. The remaining EUR 560,000 will be invested by the MUbio management team, by Univenture and the Mickelers Fund, both of which are linked to Maastricht University and have been shareholders in MUbio since its establishment. René Vleugels, MUbio’s president says: “For MUbio, the principal advantage of this investment is that it enables us to expand our existing product range and upgrade our portfolio to cancer diagnostics. At the same time we are able to reinforce the synergy between diagnostics and vaccine development in the area of lung cancer on the one hand and CMV on the other”. LRM President, Gerard Buteneers, says: “MUbio is LRM’s second investment via its life sciences fund. Other concrete projects are still in the pipeline. I am also pleased with this first co-investment of LIOF and LRM.” LIOF President Jérôme Verhagen, says: “This is a compliment to MUbio’s entrepreneurs. This young company has been able to rapidly acquire a strong position in the market of proteins for scientific purposes. The ambition to develop its own vaccines is healthy – both literally and metaphorically. LIOF is quite willing to contribute to the growth of the company by taking a larger interest in MUbio’s share capital.” This move opens new vistas for future border-crossing investment projects. MUbio Products BV currently employs nine. It is expected that by 2010 its workforce will have grown to some 16 persons. MUbio is expanding its research cooperation with UHasselt (BioMed department of UHasselt under the direction of Prof. Piet Stinissen), among other things in the field of pre-clinical vaccine development. Further, MUbio is intending to have the production of a number of diagnostic products safeguarded at the Science Park of UHasselt. About Mubio Products BV
The first Euroregional project shared by Belgian and Dutch investment companies and universities has led to the Belgian Limburg investment company LRM and the Dutch Limburg development company LIOF investing EUR 940,000 in MUbio Products BV.
MUbio was founded in 2000 as a spin-off of the Department of Molecular Cell Biology of the University Maastricht. Initially the activities were aimed at production and sale of antibodies for cancer research. The revenues from these activities, supplemented for instance with European subventions, have been invested in activities focused on identification of new target molecules for the development of new diagnostics and vaccines against cytomegalovirus (CMV) and lung cancer. The management of MUbio bv consists of René Vleugels (president), Frans Ramaekers (scientific director) and Stefan Van den Eijnde (director business development).
http://www.mubio.com/