R ussian venture capital fund Bioprocess Capital Ventures has struck a deal with American pharmaceutical company Cleveland BioLabs to form a new joint venture named Incuron. The new company will be given the rights to CBLI’s Curaxin pipeline, further developing the compounds for cancer treatment. Three investments totalling USD 18 million will be provided by BCV as Incuron reaches goals agreed to by both parties. The first USD 5.8 million will be given when Incuron is legally formed, the second investment of USD 6.4 million will be made when Incuron is ready for clinical trials, and the remaining amount will be provided at the completion of at least one Phase I/II patient trial.
Cleveland BioLabs, Inc. (www.cbiolabs.com)
Cleveland BioLabs is an American biotechnology company specializing in the development of new drugs based on company research of “programmed cell death.” CBLI’s drugs are based on two types of compounds, Protectans and Curaxins, and have applications in both the medical and defense fields. The company boasts partnerships will several well-known institutions such as the Cleveland Clinic, ChemBridge Corporation, the Roswell Park Cancer Institute, and the U.S. Armed Forces Radiobiology Research Institute. The company’s 48 full-time employees work from company headquarters in Buffalo, NY.
Bioprocess Capital Ventures
Russian investment management firm Bioprocess Capital Partners established the RUB 3 billion Bioprocess Capital Ventures fund in 2007 to invest in biotechnology, fine chemistry, and life sciences opportunities. Initial capital for the fund came primarily from two investors, Russian Venture Company and Vnesheconombank, but government entities, institutional and private investors, and companies within the Bioprocess group have also contributed over the life of the fund.
