AMSTERDAM, October 29 /PRNewswire/ -- Avantium announced today the successful completion of a EUR 18 million private financing round. Avantium is active in the development and commercialization of Furanics, Avantium's next generation biofuel and bioplastic, and the improvement of pharmaceutical products. The financing will be used to accelerate its two proprietary development programs. The focus of the next-generation biofuel and bioplastic program is on large scale production of Furanics and extensive car testing. Avantium's pharmaceutical program encompasses the improvement of selected existing drugs. Aescap Venture acted as lead investor in the financing. Other partners of the investment syndicate are Capricorn Cleantech Fund, ING Corporate Investments and Navitas Capital.
Avantium welcomes the equity investment of prominent investors, Aescap, Capricorn, ING and Navitas. The company will use EUR 10 million of the funding to accelerate its proprietary development programs. In particular, the company will advance its Furanics biofuels and bioplastics program to the next phase, including large scale production of Furanics and extensive car-testing. In its pharmaceutical program, Avantium plans to broaden its pipeline of novel pharmaceutical crystal forms, with the aim to improve existing drugs.
The remainder of the financing is used to buy out certain shareholders, including MVM, Signet Healthcare Partners and SR One, to align the shareholder base with the company's strategy. Avantium is pleased with the support of its existing shareholders DFJ Esprit, AlpInvest, EDB Investments, Eastman Chemical and Pfizer, who have decided to continue their support of the company and its growth ambitions.
Tom van Aken, CEO of Avantium stated: "We are delighted to secure this
financing and to strengthen the shareholder base of Avantium. We are very
pleased by the participation of such high-quality investors. The new
investors bring very strong expertise
|SOURCE Avantium Technologies B.V.|
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