AdvanceCor has completed a financing round with MIG AG, Occident, First Capital Partner, Bayern Kapital, and KfW Bank, initially totaling nearly €3.9 million. A second closing is scheduled for the end of 2020, making this financing round open to new investors. The Martinsried-based biotech company develops personalized therapies for cardiovascular diseases. Its main project, Revacept, is a specific inhibitor of pathological thrombosis without affecting the body's own hemostasis.
The lead investor in the recently completed financing round of AdvanceCor is the MIG AG from Munich. The co-investors in the consortium include Bavaria Capital and KfW Bank. External investors are invited to participate in a second closing of the round at the end of the year, with a total of up to EUR 2 million.
Both the investors and the founders of the company are pleased with the financing achieved so far. Prof. Dr. Götz Münch, CEO and founder of AdvanceCor, says:
"We are pleased that we were able to secure such financing with our reliable investors, even in these difficult times of the coronavirus pandemic. This financing will enable us to evaluate the data from two clinical trials. The goal is to sell or further jointly develop the lead project with a pharmaceutical partner for our promising substance Revacept."
Two successfully conducted patient studies
With the current financing, AdvanceCor Complete the partnership for the Phase II Revacept project. Two patient studies have already been successfully completed. A further patient study with Revacept in patients with coronary artery disease undergoing catheter intervention/stenting has also been completed, in collaboration with the German Center for Cardiovascular Research. The data are currently being evaluated for efficacy and safety.
The results from these two clinical trials may demonstrate for the first time that additional anti-ischemic protection (Editor's note: anti-ischemic means “acting against reduced blood flow”) can be performed safely even in surgical or catheter-interventional interventions without additional bleeding complications.
