VIENNA, November 8, 2011 /PRNewswire/ --
Santo VC GmbH has acquired a EUR 20 million stake in Vienna-based AFFiRiS AG effective immediately and has also secured an option for further capital increases in the future. At the same time, the German MIG fund increased its existing investment in AFFiRiS by EUR 5 million through its MIG 11 fund. As a result, AFFiRiS now has an additional EUR 25 million in equity at its disposal for financing its wide-ranging clinical development programme. The option granted gives Santo VC and MIG the opportunity to extend their stake in the Vienna-based biotech company by a further combined EUR 30 million.
Today, Vienna-based AFFiRiS AG announced a capital increase of EUR 25 million. EUR 20 million of this amount is contributed by Santo VC GmbH and EUR 5 million by MIG. Santo and MIG have been key investors in the biotech industry for a number of years. For Santo, the interest in Vienna-based AFFiRiS AG is the first of its kind outside Germany. This move means that AFFiRiS AG has succeeded again in continuing its wide and diversified financing strategy for its pre-clinical and clinical programmes. Over the past few years this strategy has been based on a mixture of venture capital from MIG funds, cash inflows from the license agreement with GlaxoSmithkline Biologicals as well as public sector funding and private funds from the Michael J. Fox Foundation.
Walter Schmidt, CEO and co-founder of AFFiRiS, commented on the latest financing success: "Having Santo on board, we have gained a partner who is financially strong and on top of that brings in professional expertise and an extensive industrial network. MIG on the other hand is a long-standing partner who is committed to contribute on an entrepreneurship-based attitude and has already given valuable impact to the company's development." Frank Mattner, CSO and co-founder, added: "Already at the start of discussions, it became obvio
|SOURCE AFFiRiS AG|
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