special focus of Biotech Finances
Transcription
special focus of Biotech Finances
France, Nord-Pas de Calais - Special Issue BIOTECHFINANCES Strategic information for bioindustry decision makers and investors Eurasanté, THE BACKBONE OF LIFE SCIENCES IN THE NORD-PAS DE CALAIS REGION As a major player in the French life sciences industry, the Nord-Pas de Calais Region benefits from a very competitive ecosystem. To its advantage, it possesses a well established and dynamic cluster producing quality science. Being located just a short distance from Belgium, opportunities for partnerships and funding abound. Biotech Finances took a closer look with Etienne Vervaecke, CEO of Eurasanté. which enables local entrepreneurs Biotech finances : What to have simultaneous access to an is the background of the Euraagency, a competitiveness cluster, santé structure? an incubator, and a business assoEtienne Vervaecke : Eurasanté ciation. was founded in 1996 by the Lille University & Regional Hospital BF: Four main lines of deveCenter with the aim of making its lopment have been deliberatransfer of technology to industry tely selected: cardiometabolic more dynamic and organized. This disease, cryptogenic inflaminitial mission allowed us to merge matory bowel diseases (CIBD), with the academic landscape of the neurodegenerative diseases, Nord-Pas de Calais region, as well as and nutrition. Why were these to support a number of partnership chosen? projects and start-ups. This creaE.V.: When we worked on the tion of value, focused on the health competitiveness cluster project, we sector, has fueled the growth of a wanted to specify what we offer by true regional life sciences industry Etienne Vervaecke focusing on our strong points. Our regioemploying around 22,000 people in over nal history, both in terms of academic 780 companies today. At the Eurasanté research as well as the industrial side of things, quickly led complex in the Lille metropolitan area in particular, this us to the four main areas you mentioned. There is a rearepresents some 135 companies with 2,700 employees. In son why in France the only Labex addition to the aim of promoting (academic cluster of excellence) research and supporting businesses, focused on cardiovascular diseases animation of the ecosystem is also Lille’s strength is is located in Lille with companies provided by the Nutrition, Health, the fact that it has a such as Genfit or Naturalpha active Longevity (NHL) competitiveness in the field. The same is true for competitiveness cluster, cluster, which is managed by an neurodegenerative disorders, with independent governance structure. incubator, and business a dedicated Labex and several This dual responsibility of assisting cluster all under the same companies including AlzProtect or a cluster and an economic developGenoscreen. As for the nutrition ment agency is a defining feature banner.” sector, things are a bit different. It and great strength of the Lille region “ Contents Funding Interview Companies Apteeus pushes back the LFB moves forward alongside clinicians in Lille VF Bioscience deploys its line of probiotic nutritional supplements Page 3 Page 4 Page 5 limits of personalized medicine The week in brief AlzProtect, EAT-Cell Biotech, Naturalpha, 4P Pharma, Vaxinano… Pages 8 - 9 - 10 FUNDING Financing its biotech in Nord-Pas de Calais: Mode of Operation Page 11 bio TICKET biotech companies Lille, the strange attractor of Page 12 Interview BF: What scale do you work on for the expansion and development of your region? Do you feel the strict regional territorial division is something that needs to be overcome? E.V.: One of the major interests at play in the establishment of competitiveness clusters is the progressive “thematization” or specialization of the various health clusters towards the areas in which they are the strongest. Rhône-Alpes has therefore turned to immunology, whereas MidiPyrénées has focused on cancer, and PACA on rare diseases. These areas of focus should obviously exceed the strict territorial confines of the cluster, merging with national and/or European players in some cases of border clusters like ours with Belgium, for example, which is very close to us. This dynamic of transverse expansion is increasingly becoming a reality, as attested by the number of new members of the NHL cluster outside of the Nord-Pas de Calais region, which this year achieved nearly 50% of the 20 subscriptions. BF: You mention transnational collaborations, how do you fuel this dynamic and what impact does this have on your funding methods? E.V.: Our public funders, including the region itself, understand that their support has served to sustain a dynamic whose epicenter is the Nord-Pas de Calais region but whose scope and ambition are of international proportions. More specifically, right now we have four European Interreg projects underway with our partners in neigh- boring countries. We are also in the process of working to create research networks with Wallonia and Flanders, focusing on the issue of nutrition and lifestyle diseases. At the national level, we are working with Nantes on biomaterials, with Marseille on diagnostics, and with Valorial on bio-markers for large scale project. It is important for us to be well established among the various French clusters - in order to have true international visibility. Furthermore, we also often work together, be it at Bio Japan, Bio US, or other major European trade fairs for example. strong industrial returns due to the high upstream selectivity of the products. We extensively sort the candidate files which we submit, and the FUI ultimately finances 55% of them. At the NHL cluster, this figure reaches 80%. This is a strong recognition of our expertise, of which we are very proud. For example, during the last FUI campaign we presented 3 projects, including one in collaboration with Lyonbiopôle, and we got a positive response on two of the files. In recent years we’ve noted a real change of the type of sourcing employed in the projects that we’ve submitted. Whereas the first applications were very “downstream” with little involvement on our end, we are currently working on much more early-stage projects programs, cooperating intensely with their leaders. © Maxime Dufour Photographies is embodied by family-owned companies such as Roquette, Lesaffre, Ingredia, or Copalis, which are all very established in and attached to the Nord-Pas de Calais region which invests a lot in their industrial activities and in the industry as a whole. France, Nord-Pas de Calais - Special Issue BF: How important is it for the BF: Speculators entrepreneurs you work with to announce the use this source of funding to fischeduled end nance their projects? of government E.V.: Several years ago we encountesupport for the red a lot of apprehension from entreclusters. What preneurs towards collaborative projects is your point of such as Bpifrance or the FUI, which view concerning this matter? were viewed as very complicated to E.V.: Financial pressure is clearly organize, not fully compatible with the mounting, and it is apparent that we Research Tax Credit (“CIR”), and the are still in a phase of recession and payment of which often came too late reductions in all kinds of subsidies and with respect to industrial requirements, government asespecially for sistance. In this small businesses. context, it is quite This mentality has It’s important likely that the gochanged and we vernment will pronow come across to work together vide the funding many companies to achieve greater of the clusters to which have never local communities had worries of this visibility. in 2-3 years’ time. nature. Obtaining To date, operaan FUI or ISI funting a center like ours costs around ding sends a strong signal to the market €650,000 to €700,000 annually. 45% of about the reputation of a company. It’s this figure is covered by contributions also a non-dilutive means of advancing from private members, 35% by local one’s work, which is something very and regional authorities, and 20% by valuable today. The partnership aspect the government. of this type of consortium shouldn’t be overlooked since it can be very limiting BF: What then would come of the to approach these things alone. In my FUI which now funds the projects opinion, conducting group research is a approved by the various clusters? factor of sustainable success. This helps E.V.: The Single Interministerial Fund open innovation to move forward with (FUI), a real linchpin of the mecha- an incrementally stronger R&D dynanisms behind the competitiveness mic. l clusters, is not likely to be stopped or replaced any time soon. It represents Interview conducted by an important aid to the sector, with Juliette Lemaignen 2 “ ” Biotechfinances • France, Nord-Pas de Calais - Special Issue France, Nord-Pas de Calais - Special Issue Funding Apteeus PUSHES BACK THE LIMITS OF By Juliette Lemaignen PERSONALIZED MEDICINE H ere is an innovative concept which could revolutionize the way we handle the treatment of rare diseases. Involved in the development of chemical drug candidates at the INSERM U761 Laboratory (Pasteur Institute of Lille, Lille 2 University), Benoît Deprez and Terence Beghyn have been joining forces over the last year for the company Apteeus, incubated by Eurasanté on the campus of the Pasteur Institute of Lille. "We realized that the traditional concept of drug development, which is based on the answer to a medical question by a universal drug candidate with a broad scope, wasn’t financially compatible with the therapeutic niches occupied by rare diseases,” explains Terence Beghyn, CEO of Apteeus, who goes on to say: “The cost of R&D, which is very great, will be very difficult to amortize over a small population and the instances of reimbursement will soon be unable to accommodate the overly expensive treatments.” To work around this problem, Apteeus decided to revert the drug development scheme by starting with the patient and then moving towards larger markets while working with existing drugs. “Our project is to automatically screen all of the active ingredients currently sold on the patient’s own cells while monitoring the faulty process resulting in the disease. Within a few days, we can thus determine which molecules could be used to treat the pathology of the disease in question. This is the principle of personalized medicine taken to the extreme, employing the concept of one drug for one patient.” Two awards in the National Competition of the Ministry of Research In order to specify its approach, Apteeus initially opted to focus on inherited metabolic diseases which account for about 5% of rare diseases and which have the advantage of being mostly monogenic and therefore easier to treat, using a single molecule molecule to his or her patient, either as part of an off-label prescription, as a temporary authorization for the use of the drug for the named patient, or lastly in the context of an n-of-1 clinical trial.” The results of the first use of this indication in humans should be compiled in 2015. They will probably serve as a go/no go for the financiers interested in the model. Large scale deployment by Apteeus will likely cost several million Euros which the founders will seek to pool together from regional and national venture capital, with a first round secured in 2015. l Terence Beghyn and Benoît Deprez “We need to complete the first round of funding in 2015.” that targets the cause of the disease. With the encouragement of the two awards it received from a national contest by the Ministry of Research, offering a total package of €275,000, the company is currently conducting the proof of concept of its approach in conjunction with Dr. Dries Dobbelaere from the Lille Regional & University Hospital Center for two patients suffering from the same creatine transporter defect. Leaders of the project have already identified 15 molecules which may potentially be active in these patients. They are furthering their investigation by examining the potency of these compounds on the patients’ cells and by analyzing all available information on the safety profile and pharmacokinetics of the identified molecules. “The challenge is to ensure that the drug is well active and will not result in any uncontrolled side effects,” explains Benoît Deprez, who has accounted for roughly 20% of the project. “Once we’ve obtained this information, we will be able to convince the doctors to administer the 20 million 20 million patients currently suffer from rare diseases in Europe, with about 5% of those affected by approximately 300 inherited metabolic diseases. 5-40 Thanks to the follow-up obtained on the first two campaigns on patients’ cells, the founders of Apteeus estimate that there are between 5 and 40 active molecules serving as candidates for repositioning based on new indications from the rare diseases for each patient. 1 600+ The Apteeus library now consists of nearly 1,600 active ingredients. And this number is constantly changing. Partners Pasteur Institute of Lille, Eurasanté, Lille 2 University Opinion of Alain Gay, Head of Cardiovascular Medical Affairs and Women’s Health at Bayer Healthcare Pharmaceuticals In my opinion, the basic idea for the pharmaceutical industry in the coming years is to start with the patient in order to provide him or her with better treatment. Recent treatment developments now allow us to address major public health issues. Now we need to improve upon this in order to provide additional service, both to patients and practitioners. The concept of drug repositioning is, in this sense, an interesting idea. We pharmaceutical companies have molecules in our portfolio which could meet new needs that arise and it would be interesting to identify them beyond simple clinical observations compiled during the trials. However, one thing is certain: biotech companies must be extremely careful when it comes to the safety and tolerance of their molecules if they wish to be of interest to us. Biotechfinances • France, Nord-Pas de Calais - Special Issue 3 Interview France, Nord-Pas de Calais - Special Issue LFB MOVES FORWARD ALONGSIDE CLINICIANS IN LILLE A renowned company of the Lille region, the French Fractionation and Biotechnologies Laboratory (LFB) has a presence in Nord-Pas de Calais through three sites, including a research center that is home to one of the group’s flagship projects: a drug candidate against fetal alloimmunization. Sami Chtourou, Deputy Managing Director, Innovation and Scientific Affairs, discusses the program and more broadly the role of the LFB within the Eurasanté structure. employs around 550 people in Lille; and lastly, a drug warehouse located in Carvin where all LFB medications are stored prior to distribution and which has a staff of approximately 30 people. In total, nearly 700 people work for LFB in the Lille metropolitan area, though the group numbers some 1,600 people throughout France as a whole and 2,000 people worldwide. Tens of millions of Euros in investment have been allocated to these facilities over the last 10 years. Sami Chtourou, Deputy Managing Director, Innovation and Scientific Affairs at LFB Biotech finances : You are a key business in the Eurasanté BioBusiness Park. In what areas are you a major player locally and how are your activities divided across the region? Sami Chtourou: We have a strong background with Eurasanté. The establishment of our research center at this site actually goes back some 10 years, with an ever growing number of staff over the years. During this period, we have developed sound scientific excellence which is reflected throughout the territory. We have finally been implementing an extensive network of partnerships and collaborations at the local level. More specifically, we operate at three different sites: a research center with some 45 employees which I lead at the Eurasanté campus; a production facility for drugs derived from plasma, which BF: What drug project are your researchers currently working on? S. C.: Our lab innovates in the three key areas focused on by the LFB Group: hemostasis, immunology, and intensive care. One of the flagship projects resulting from the technological platform developed in Lille is a recombinant monoclonal anti-D antibody, indicated for preventing the risk of fetomaternal alloimmunization. This is a condition that can affect women pregnant with their second child. As demonstrated by the initial clinical results, our antibody can destroy the Rhesus positive fetal red blood cells causing an immune response from the mother against her fetus, and as such we are able to prevent the risk of immunization. The product is undergoing a phase II clinical study in France, and in particular at the Lille Regional & University Hospital Center. A phase III study is expected to start within the next two years. BF: What are the advantages of being part of a business park such as Eurasanté Bio-Business Park? S. C.: The cluster forms a dense network of research, educational, and care institutions with which we are able to easily interact thanks to our geographical location. We work with the Lille Regional & University Hospital Center and the Lille 2 University, and particularly with professors Jenny Goudemand, François Fourrier, Eric Hachulla, and Pierre Desreumaux. We also appreciate the start- 4 up spirit which prevails throughout the campus; a spirit which we share because, though we have an industrial approach, we maintain our responsiveness and entrepreneurial dynamism which, in our view, are the source of all success when it comes to drug development. BF: What are the areas of development in Lille? S. C.: We have at our disposal two key proprietary technological platforms for antibody engineering which we use for developing our products. The first is de- “We also appreciate the start-up spirit which prevails throughout the campus, which is the source of all success in terms of drug discovery.” signed to enhance the cytotoxic activity of the antibodies through the Fc function, and the second increases the half-life of the monoclonal antibodies by a factor of 3 as a result of a greater affinity of the Fc fragment with the FcRn receptor. We are going to provide access to these platforms to other industry players via licensing agreements on these technologies or through co-development. Additionally, we are continuing our efforts alongside the cluster’s start-ups, and we try to assist them. We have ongoing discussions with Eurasanté and its members through our scientific and technical partnership manager, Rémi Urbain, in order to maintain and expand our collaboration with the local ecosystem. l Interview conducted by Anne-Laure Languille Biotechfinances • France, Nord-Pas de Calais - Special Issue France, Nord-Pas de Calais - Special Issue Companies VF BIOSCIENCE DEPLOYS ITS LINE OF PROBIOTIC NUTRITIONAL SUPPLEMENTS Maxime L. Vaeremans and Marc Frémont “Our flagship product Reg’Activ reduces the blood cholesterol level by 20%” T he satisfaction of having a first dietary supplement on the market is clear on the faces of the Franco-Belgian duo heading VF Bioscience. Named Reg’Activ Cholestérol, the product comes in an elegant dark red box. “The majority of our distributors around the world have kept our design,” says Maxime L. Vaeremans, Marketing Director for VF Bioscience. Founded in late 2011, this young and innovative company established in the Eurasanté bio-incubator develops dietary supplements based on patented probiotics either coming from outside or from its own collection of 200 strains, as well as functional ingredients such as vitamins. Released in 2013, Reg’Activ Cholestérol is designed for people with moderate hypercholesterolemia, which affects 10-15% of the population depending on the country. “Reg’Activ reduces the rate of cholesterol in the blood by 20% and improves other blood parameters related to the risk of developing cardiovascular disease,” explains Marc Frémont, R&D Director of the start-up. In fact, the clinical study carried out for this product on 25 subjects demonstrated a 19% reduction in LDL, a key marker of atherosclerosis. Lactobacillus fermentum ME-3, the probiotic strain contained in Reg’Activ, was isolated by a research team from the University of Tartu in Estonia, from which VF Bioscience obtained its license. Fundraising underway The company, which adheres to an almost virtual structure composed of the two partners, markets its product through a network of specialist distributors in Europe, South-East Asia, and across the American continent. It has also been sold in pharmacies in South France since September. With this first scientific success, which it hopes to turn into a commercial success as well, VF Bioscience aims to quickly develop its own pipeline. Financed so far through private funds, in addition to an equity loan of €50,000 from Bpifrance and an interest-free loan of €40,000 from the North Entrepreneurship Network, this biotech company is poised to successfully complete a €400,000 fundraiser with Finovam in particular. This money will allow it to develop another dietary supplement indicated for cardiovascular health that acts on triglycerides (reducing triglycerides by 20-25% by the end of the trial), as well as type 2 diabetes, which could be taken in combination with Reg’Activ Cholestérol. In order to boost sales of the two products in the United States, where 15% of the population is affected by cholesterol issues, VF Bioscience will soon open a branch overseas. The latest flagship product from its pipeline is a supplement for liver function and detoxification named Reg’Activ Vitalité, which is scheduled to be released by the end of the year. With these first three products, the start-up aims for sales of €2 million in 2016. l By Anne-Laure Languille €1.2 billion This sum represents the market for dietary supplements in France. 3 to 4 To accommodate its continued development, VF Bioscience will recruit 3-4 people in the months ahead. 4 In 2015, the company will release 4 new dietary supplements. Partners Bank CIC Law Firm for Current Affairs Bignon-Lebray Law Firm for Patent Matters Plasseraud Consulting Firm & Incubator Eurasanté Opinion of Alexandre Labé, Development Director of the Nutrition, Health, Longevity Cluster VF Bioscience has had the support of Nord Entreprendre since the end of 2013. This is a network of business leaders who help other leaders to fortify their companies, and includes an interest-free loan between €15-90 K, in exchange for which the company undertakes to create 5 to 10 jobs within three years. VF Bioscience boasts several major advantages such as the experience of its leaders in the sector, a first product on the market, and research collaborations with international institutions. But the managers have also identified their challenges: how to achieve international deployment? How to get the company in a sustainable research cycle? How will all of these actions be funded? These are questions to which the two managers have found solutions. Biotechfinances • France, Nord-Pas de Calais - Special Issue 5 Convention France, Nord-Pas de Calais - Special Issue BIOFIT TAKES A STEP CLOSER TO ACADEMIC INNOVATION AND THE INDUSTRIAL WORLD Since the first edition in 2010 in Lille, which was attended by some 330 participants, the BioFIT business convention has taken on a whole new dimension. This year 800 researchers, biotech CEO, pharma directors, and TTO (Technology Transfer Offices) are expected to be present in Lille on December 2 and 3 to determine opportunities for collaboration. The program includes panel discussions and one-to-one meetings. C onceived and organized by the Eurasanté Economic Development Agency and the NHL competitiveness cluster, BioFIT is following a rather unique theme in the world of business conventions: creating innovation by gathering academic and industrial players for two days. “So it’s not a trade show,” clarifies Eurasanté. “The meeting between public laboratory teams and industry teams in the context of fostering development programs is BioFIT’s center of gravity, so to speak,” says Nicolas Carboni, President of the TTO Conectus Alsace. BioFIT: How does it work? To conduct the meetings, academics, industrial players, and the technology transfer officers can schedule up to 15 individual appointments per day. With a duration of half an hour each, they will be held from 9:00 AM to 6:00 PM on the sidelines of thematic discussions. From the time the meeting platform begins in November, it will be possible to make contact with partners prior to the business convention. Afterwards, each participant will be able to flexibly manage his or her own schedule, with the ability to set aside time to attend the discussion panels. With a practical overtone, these discussions will address various topics concerning Open Innovation. How can early-stage innovation be financed? What are the best practices for collaborative research? What new trends have emerged in terms of technology transfer and industrial scouting? To answer these questions, high level speakers will share their views: big pharma open-innovation directors, TTO directors, biotech patrons, and investors. This will include Adrian Carter from Boehringer Ingelheim, Jeffrey Ulmer from Novartis Vaccines, Duncan Holmes from GSK, and even Sanofi’s Bernd Stowasser, just to name a few. financed equally by local authorities, the Nord-Pas de Calais region, and private partners. “This allocation of resources is necessary, as the convention cannot rely solely on entry fees since the price has been reduced for academics and startups”, explains Eurasanté. Finally, BioFIT reaffirms its international position by welcoming representatives from 35 countries. Due to its geographical proximity, the event will include many players from Belgium. This is an interesting way to promote research collaborations between laboratories and industrial players operating on both sides of the border. l By Anne-Laure Languille Nicolas Carboni “The triangular meeting between academics, biotechs, and industry represents the most fertile ground for developing the innovations of tomorrow.” TTOs are running the show The involvement of the TTOs is one of the attractions of the BioFIT business convention. They will be able to fully play their role as business facilitators according to Nicolas Carboni of the TTO Conectus Alsace. “The triangular meeting between academics, biotechs, and industry represents the most fertile ground for developing the innovations of tomorrow. The academic-industrial push remains marginal, even though more and more pharma is sourcing technology directly with public laboratories. TTOs are behind the creation of the meeting.” The partnership aspect is reflected in the sponsors of the operation, which is 6 38% The proportion of academics and TTO who will participate in the 2014 edition. Pharmaceutical companies represent 34%, with investors, clusters, and other services making up 28%. €999 Entry fee for mature companies. €399 for startups younger than 3 years and €849 for TTOs, clusters, and research institutes. 13 The number of panel discussions over the two days. Biotechfinances • France, Nord-Pas de Calais - Special Issue France, Nord-Pas de Calais - Special Issue SAVE THE DATE June 17 & 18 , 2015 Lille, F R A NC E The market place for innovation in food, nutrition & health > Qualified one-to-one meetings > High-level conferences nutrevent.com Biotechfinances • France, Nord-Pas de Calais - Special Issue 7 Companies France, Nord-Pas de Calais - Special Issue AlzProtect is on the rise K nown for its research in the area of neurodegenerative diseases, AlzProtect, founded in 2007 and developed in the Eurasanté bio-incubator, has just completed an initial fundraising campaign bringing in €2 million. “We’ve collected €1 million from a single investor, a new entrant to our capital Pierre Besançon, €600 K from Finovam and Nord France Amorçage, as well as €400 K from 14 other individual investors,” says Philippe Verwaerde, head of the 10-person company. Thanks to this process, AlzProtect has advanced to a whole new level. Its new reputation comes primarily from the fact that it has just begun a Phase I trial for its flagship compound AZP2006. Developed in frontotemporal dementia which, along with Alzheimer’s disease, belongs to the group of tauopathies, AZP2006 has demonstrated encouraging preliminary results. Once Phase I is completed, the company will again appeal to outside Philippe Verwaerde investors to fund the next stage, this time with the aim of raising €12 million to go all the way to the proof of concept stage. AlzProtect is already working with Pr. Florence Pasquier from the Regional and University Hospital Center in Lille on the design of Phase IIa which will be carried out in 2016. The molecule is also planned to be reviewed in another Phase IIa trial looking at progressive supranuclear palsy. Priced at €6 million, this project may be funded by a European consortium under the Horizon 2020 framework. EAT-Cell Biotech checks your Tregs! “Analysis of the activity of regulatory T lymphocytes should be a statutory prerequisite for any new drug candidate under development,” says Nadira Delhem, Head of the virus-induced cancer immunoregulatory team at the Institute of Biology in Lille. “Many developmental and treatment failures in the sector are particularly due to an overactivity of the regulatory T lymphocytes which inhibit the immune response. In the “best” case, a tumor will resist a treatment, but in the “worst” case, the patient may suffer significant side effects including autoimmune disorders.” This very important observations was validated by Dr. Delhem’s team on human cell models, as part of a trial of a molecule whose development was halted in Phase II. “The next step consists of marketing the product in the form of services, after 10 years of research,” adds Nadira Delhem, who will continue to serve as Dr. Nadira Delhem a consultant for the company EAT-Cell Biotech which operates the platform. Any biotech or pharmaceutical company, with a budget of tens or hundreds of thousands of Euros depending on the project, can test the molecule. To test a molecule with three doses, the response time will be around 4 weeks. Saving both time and money should prevent business developers from being skeptical for too long... Vaxinano is developing nanoparticles for its vaccines T he power of nanotechnology adapted to the colossal market for vaccines is the area chosen by Prof. Didier Betbeder, head of the Nanoparticles research team of Lille 2 University. This former biotech manager, who notably co-founded Biovector Therapeutics back in the 90s on the concept of a nasal influenza vaccine, is resuming an entrepreneurial stance with the launch of the Vaxinano project. The concept is to develop innovative vaccines quantitatively encapsulating specific antigens in starch nanoparticles. It’s a bold proposition which opens this technology up to an almost unlimited number of applications. To get started, Prof. Betbeder set out on a project involving toxoplasmosis, co-directed by Prof. Dimier-Poisson from the University of Tours. The team has already obtained proof of concept for their nano-vaccine in mice, and they are currently Prof. Didier Betbeder testing it in sheep in a controlled trial set up with the INRA and financed by the TTO. “The first market we envision is that of animal vaccination, because it is the most accessible and significant in terms of commercial benefits,” comments the researcher, who concludes: “However, we intend to replicate our model in humans for other indications in the short term, such as for parasitic infections, as well as for any illness requiring a cell-mediated vaccine such as HIV or hepatitis B, for example.” 8 Biotechfinances • France, Nord-Pas de Calais - Special Issue France, Nord-Pas de Calais - Special Issue Companies Health claim: Naturalpha spreads the word to European industrials N aturalpha advises ingredient producers on obtaining health claims for their food products, and in addition to conducting clinical trials. According to the regulations of the EFSA (European Stéphane Postic Food Safety Authority) from 2012, manufacturers may not include health claims on their products unless they have been scientifically proven. Posting a turnover of €2 million, the CRO, founded in 2001, seeks to increase its business output. This phase will require educational efforts directed at industry stakeholders who are reluctant to conduct clinical trials. To win them over, Naturalpha organizes training sessions on the EFSA regulations. Compared to competitors, the 25-person company has several assets to its advantage, including the ability to recruit volunteers and, in particular, its access to obese or overweight patients which is more common in NordPas de Calais than in the rest of France. One of its latest clients also bolsters its credibility. The client in question is the Oxylane-Décathlon group, which should soon receive its first claim for a sports nutrition product. Recently created, 4P Pharma opens its capital to investors F ormed last August, the start-up 4P Pharma is the latest creation of the Eurasanté Biotech Incubator. To fund the development of its drug candidates, it is opening its capital to investors. “A round has just started with the aim of raising €900 K,” explains Revital Rattenbach, CEO of the start-up whose scientific leadership comes from Itschak Lamensdorf, the CEO of the Israeli company Pharmaseed. Other fundraisers calling for millions of Euros will follow to push the candidates to the clinical proof of concept stage for their transfer to a pharmaceutical company. Based at the Pasteur Institute in Lille, 4P Pharma follows an original model. It identifies promising technologies from the TTOs and biotech companies, co-develops them with a scientific team during maturation, and then decides whether or not to get a license. After sourcing from the Southeast and North TTOs, its portfolio contains three programs including two for which it has posed licensing options. The most advanced among them is targeted at muscular dystrophy and has obtained encouraging results. The regulatory Revital Rattenbach pre-clinical trials will take place in 2014/2015 before entry into clinical trials in 2016 if 4P Pharma exercises that option. Cousin Biotech and Lille 2 University develop innovative prosthesis I © Éric Flogny/Aleph n Lille, SMEs and clinicians work together with ease. This has been the case with the project bringing together Cousin Biotech, a developer of textilebased medical implants for the last 20 years, and the team led by Prof. François Pattou (Inserm 859, Lille 2 University), a specialist in non-pharmacological treatments François Cousin for diabetes. François Cousin, Chairman of the Supervisory Board of the Cousin Medical Group, and Prof. François Pattou want to develop an effective prosthesis against obesity and type 2 diabetes. Their teams, which have been working together for several weeks, have already co-filed two patents on the technology in question. Their collaboration should soon be formalized by an agreement under the orchestration of SATT Nord. “As we move forward with confidence, this agreement will only serve as a formality,” says François Cousin, who has long presided over Cousin Biotech even prior to its acquisition this year by Dalle & Associates. For the SME with €14 million in turnover and 100 employees, this program is part of its tradition of open innovation which will enable it to enhance its pipeline. “Such a device would complement our range of gastric bands,” concludes François Cousin. Diagast industrializes AboDiag technology for the marketing planned for 2017. Thanks to sales of these new systems, the Lille industrial company, which currently boasts a turnover of €30 million, hopes to reach €50 million within the next 5 years, and €100 million in 10 years. Aware that it needs to find ways to make its ambitions into reality, it Bruno Morino intends to expand its production facilities and to double its workforce over the next five years for a total investment of €15 million. Biotechfinances • France, Nord-Pas de Calais - Special Issue © Laurent Mayeux Photographies D iagast, a flagship company of the Eurasanté Park where it was established in 1995 contributes its Lille expertise in the area of blood transfusions and blood-derived products along with LFB and Macopharma. Owner of the Bordeaux TPE AboDiag since last March, Diagast launches the industrialization of its HaemTrap technology, complementing its range of Qwalys automated systems. “AboDiag technology has the advantage of being intuitive and enabling the execution of hundreds of tests in a very short time,” says Bruno Morino, CEO of Diagast. The tests in question involve blood grouping, identification of phenotypes, and the research and identification of antibodies. Diagast also needs to advance technologically and to develop support and a new subsystem 9 Entreprises France, Nord-Pas de Calais - Special Issue Breast cancer, and then? Kalicou innovates T he “Kalicou” research project on “the experience of young women diagnosed with breast cancer and their partners” is about to launch its third component. “The impact of breast cancer on those close to patients and its management, in the long term, is still not well known or Dr. Laurence Vanlemmens categorized,” says Dr. Laurence Vanlemmens, oncologist at the Oscar Lambret Center. With a pink ribbon on her chest, this passionate practitioner, joined by Prof. Véronique Christophe, professor of health psychology at Lille 3 University, hopes to establish a computer interface that will make it possible to assess the subjective experience of young women with this disease and their partners in real time. This platform, which will be developed by two IT specialists, Aquilab and Alicante, will enable clinicians to monitor their patients in real time and to receive specific alerts about them, or their partners, when encountered with serious difficulties coping with the disease in various regards, including the management of everyday life, children, relationships, or their professional life. To complete the project, the female duo will need €100 K. EGID intervenes to fight diabetes F inding innovative answers to metabolic diseases by focusing on non-pharmacological means is a field of research opened up by the team of Prof. François Pattou, Director of the U 859 diabetes cell therapy unit of the European Genomic Institute for Diabetes (EGID), responds to a growing health need. In just a few years diabetes has become a true epidemic, affecting more than 382 million people worldwide in 2013. A gogetter by nature, Pr. Pattou has connected a serious of collaborative projects in order to arrive at sufficient means to develop an ambitious R&D policy. The academic team works towards this goal with several industry players, including Macopharma to develop a program in the area of islet transplantation for type 1 diabetes, which has already successfully treated 45 patients, as well as Cousin Biotech, for project to develop medical devices capable of reproducing proven surgical operations but with a much less invasive nature. EGID also takes part in the ISI IT-Diab Consortium, as well as the IMI Direct project, both geared towards characterizing markers of response in patients. Prof. François Pattou Biostatistics: Orgamétrie boosts its growth D oubling its turnover in five years’ time is the goal that has been set by the CRO Orgamétrie, which specializes in biostatistical studies and clinical trials both before and after marketing authorization. To achieve this, the Roubaix company which currently generates €3 million Dr. Pierre Clerson in turnover is mapping out its future development. First, it will restructure its human resources with the installation of middle management for better division of labor. The second operation will include bolstering its data management ability organized around an eCRF solution for data collection, a shift which it began a few years ago. Finally, a diversification of its activities is also part of its strategy. Orgamétrie also invested €100 K in another kind of Lille CRO, Oncovet Clinical Research, which aims to offer pharmaceutical companies models of dogs and cats which are naturally sick. “This three-stage rocket is in combination with our daily efforts to sustain our collaborations with industry players and to remain a choice partner,” says Pierre Clerson, doctor and CEO of Orgamétrie, who also publishes seven to eight scientific papers per year. Lunginnov: from diagnosis to treatment for respiratory infections A llowing practitioners to predict respiratory aggravation in a patient using a specific biomarker is the mission set forth by Philippe Lassalle, CEO of the Lille company Lunginnov. After the discovery of the molecule Endocan and its properties of expression at the level of respiratory endothelium, this researcher at the Pasteur Institute in Lille has developed a kit capable of predicting two main types of diseases: sepsis and lung inflammation. An application is also under development in the field of oncology, with the possibility of using Endocan as a marker of angiogenic response. So far self-funded through revenue from product sales and 10 services (€170,000 in 2013), as well a grant provided by Bpifrance and by individual investors, Lunginnov is seeking industrial and financial partners to accelerate its activities and advance its program of therapeutic development linked to the Endocan marker. This product could enter the clinical stage by 2017/2018, which in the meantime will require a fundraiser for several million Euros. Philippe Lassalle Biotechfinances • France, Nord-Pas de Calais - Special Issue France, Nord-Pas de Calais - Special Issue Funding Financing its biotech company in NordPas de Calais: Mode of Operation I n order to support the development of its economic network, the Nord-Pas de Calais region has implemented a range of financial tools available at different stages and for all amounts, both for start-ups as well as more “late-stage” companies. Biotech finances has prepared an overview of these devices and how they work. FINANCE Funding contributors Finovam, IRD, Nord France Amorçage, the Nord-Pas de Calais Region, the Business Angels of North France, Invest Innovate, the North Entrepreneurship Network, LMI INNOVATION, Clubster Santé, Bpifrance. • The Nord-Pas de Calais region invests in a development contract intended for SMEs with fewer than 250 employees through grants which can reach up to 10% of the investment amounts anticipated by the companies. In order to make the funding and support of technology start-ups in the Nord-Pas de Calais region more dynamic, the venture capital branches of Finorpa (Finorpa SCR) and IRD (Inovam) merged in February 2014 to create Finovam, a regional prime-pumping company allocated €15 million. Finovam aims to strengthen the development and financing of innovative seed projects, primarily technological, by providing additional resources to support long-term projects with great potential. In particular, Finovam invested €2 million in the latest round for AlzProtect, set up in the Eurasanté bioincubator. In the eyes of Hélène Cannard, a Finovam Board Member, it is important for biotech companies “to structure enough equity funds to enable them to finance preclinical phases and then to grant access to venture capital.” The proximity to Belgium is favorable for investment coming from that country: IRD has historically held a partnership with Louvain Vives II, a cross-border fund based in Leuven, which has the ability to intervene in Nord-Pas de Calais. The Nord France Amorçage regional pump-priming fund was launched in late 2012. It supports small and medium-sized companies in the priming and post-priming stage, as well as the innovative projects of existing companies. Acting only as a coinvestor, Nord France Amorçage may invest up to €800 K in companies. The “Business Angles of North France” association aims to serve as an intermediary between companies seeking funding and the business angels in the region. It also seeks to educate and inform project leaders on the importance of opening the capital of their • • • • business, and it lets business angels know about potential investments. Along these same lines, the Clubster Santé business network has launched the “Invest Innovate” platform with Eurasanté, which is responsible for linking project leaders/entrepreneurs with a group of about one hundred investors consisting of private individuals who are able to inject between €150 K to €500 K, whether or not they want to be involved in management. Over 3 to 4 meetings per year, the different members attend presentation pitches. “The North is an important contributor to the ISF,” says Etienne Vervaecke, Director of Eurasanté. “It would be a shame not to allocate these funds, using the TEPA device, to innovative companies, and that’s exactly what we try to do with Invest Innovate.” Since 2009, Invest Innovate has made it possible to raise approximately €40 million for the 48 projects presented. Unsecured loans: the Northern Entrepreneurship Network and LMI Innovation grant unsecured loans without interest or collateral to individuals only. The project leader can also receive up to €90 K in the form of a loan from each of these organizations. Bpifrance is a key player in the funding of biotechnology companies in the Nord-Pas de Calais region. Included in the assistance it offers for innovation, Bpifrance funds biotech companies both in the process of being created (feasibility studies, etc.), as well as those in the development phase (equity loans, etc.). The assistance to the development of a drug candidate is part of Bpifrance’s scope. • • • SUPPORT Sources of Support Eurasanté, J’innove en Nord-Pas de Calais, Regional Chamber of Commerce and Industry, the “Nutrition, Health, Longevity” Cluster, and the Pasteur Institute of Lille. An important partner for biotechs in the NordPas de Calais region, the Eurasanté economic development agency supports the health/ biotech industry through a team of forty individuals specializing in different areas: support for development and the creation of innovative businesses, research development, 15 15 projects approved by Eurasanté have had access to the FUI. €142 million 14 projects supported by the NHL Cluster are winners of Future Investments, and have thus received a total funding of more than €142 million. €163 million Since 2006, Eurasanté has backed 72 projects funded with a total R&D budget of €163 million and nearly €70 million of public aid awarded. the incubation of innovative projects, and guiding the “Nutrition, Health,, Longevity” competitiveness cluster. Addressing both food health and therapeutic & biotechnological innovation, this cluster has helped to approve numerous FUI projects focused on three themes: neurodegenerative diseases, chronic inflammatory bowel disease, and cardiometabolic & nutrition related diseases. Lille is also known of its expertise and skills pertaining to blood related products, with the presence of companies such as Macopharma and Diagast. For Etienne Vervaecke, CEO of Eurasanté, the role of the development agency extends far beyond regional borders: “We are very active in the promotion of the area in order to attract businesses to the Nord-Pas de Calais region”, a region where “there is a flurry of activity related to the health industry, which is hardly known and recognized!” Eurasanté organizes professional events, such as BioFIT and NutrEvent, and aims to accelerate financial and scientific partnerships. Eurasanté is also a privileged contact when it comes to raising funds: “We have a network in capital investment, venture capital, and the business angels in France and Belgium.” l Biotechfinances • France, Nord-Pas de Calais - Special Issue 11 BIO Ticket By H. Ella Lille, the strange attractor of biotech companies I s it the proximity to Brussels, the distance from Paris, or perhaps the vitality of its research centers which makes Lille a major attractive center in the field of life sciences? Perhaps it’s all the above and then some. With companies operating in sectors as diverse as genomics and diagnostic kits, the latest generation of antibodies or innovative treatments for metabolic diseases, the whole spectrum of life sciences seem to be represented. As such, with nearly 2,200 researchers and no less than 780 companies in the health industry, the Nord-Pas de Calais region ranks third place. With all of this diversity, the Lille region has been attracting biotech companies for many years, and it’s the sort of place that makes full use of all creative will. Particularly sensitive to initial conditions, the development and creation of businesses requires a truly innovative ecosystem from the get-go. A special partner of research centers and excellent universities, the Lille bio-cluster Eurasanté has been able to mobilize many different energies, including local investors: Finorpa and Inovam. These investors, in the final phase of integration, merged their primepumping activities under the name Finovam, preferring a single fund of €15 million to crumbling abilities as can often be seen in our beautiful regions. Such an operation is uncommon since it involved the combination of two actors, one public and the other private, each having distinct purposes beforehand. The goal now is to move to the next level more quickly with an interregional seed fund coving the Picardie, Champagne-Ardenne, and Lorraine regions, which will benefit from the support of the National Priming Fund. Today, with the presence of a few champions, including the most iconic, Genfit, which has one of the largest market capitalizations, the Lille region can look at how far it’s come with peace of mind. l u Strategic Overview The main deals in Nord-Pas de Calais during the year 2014 Genfit Capital increase €49.7 M Multiples MTDCapital increase €5,4 MNord Capital Partners AlzProtectCapital increase €2 M Pierre Besançon, Finovam, Nord France Amorçage, business angels MDoloris Capital increase €1,1 M Historical shareholders including Finovam and Siparex AlzProtect Obtaining a grant €1 M Bpifrance OCR Capital increase €700 k Nord France Amorçage, A&S (Autonomie et Solidarité) and business angels Lipofabrik Capital increase €200 k Business angels Cousin Biotech Transfer ND Dalle & Associates Agro-Levures et Dérivés SASTransferND Lesaffre AgrauxineTransferND Lesaffre This special issue received support from Cette action est cofinancée par l’Union européenne BIO BIOTEC HFINAN TECHFIN BIOTECHFINANCES CES AN Hebdomadaire • Lundi 13 L’INFORMAT octobre 2014 • N° 653 ION STRA TégIque Hebdomadaire • Lundi L’INFOR deS bIOd 22 septemb re 2014 • MATION STRATé N° 650 Hebdomad aire • gIque Lundi 6 octobre 2014 • N° 652 CES deS bIO décIde LeeTSdeSFo uRS eT bIOINveST urbe ISSeuRS deS bIO veNIr Pou INveST rIeS quA ISSeuR du CI S C’est pArti pour tVM Nd Il y A uN flo r les bIomed : r u… Fonds Vii AVeC 160 M€ 15 % 5,3 M d€ 5+5 L’INFORMATION STRATégIque Get introduced to biotechfinances ! 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Prise e! l a s été cédée en 2007 pour 21 « L’équipe de Chorus est les Par Juliette M€ àÉpigénétiq composée de chercheurs Evotec alors qu’elle m&a Lemaignen avait levé 55 M€ auprès de : Inventiva ses actionnaires. Opérati signe avec uel Par Juliette Lemaignen on levée Curie-Canc financemen pour de fonds er AtlantanGle GranD Médecine nucléaire Par Jacqu entrePrises héra ts : AAA consolide es-Bernard entrePrises sa Page 3 position en GranD anGle Taste Amatsigroup s’implante dans 500 k€ managem Italie Page 3 amorce Imagerie moléculaire : GranD anGle le « vet corridor » aux États-Unis chercheursent des pipeline nt d’ImmuSle innoBio fête 5 années Cyclopharma double ses ses actifs clefs: ménager Page 4 mol de succès efforts de R&D la semaine IPo : à Page 3 l Liquide / Bioxodes en bref : Page a semaine la santé 4 Pages 6 et 7 Subatech et petits porteur nier-Ma / BioWin / Page 4 des Air en joie / Le Axelera… marchés s! Pages Québec bref : Fondati 6 et 7 Nicox Page 2 / Cardio3 en ophtalmolo on Fourrenforce ses gie compétenc Page 2 BioSciences… es financ Pages 6 billet bio Le et 7 7 M€ pour ements Page 5 la semaine en bref : Le anticrise Corporate Venture, ses combin Apidel financements Biodiesel : Agrisoma l’avenir suisse / Néomed et Mitacs Fonds pour stratégie / Numab … és-méd recherche lève 5,6 M€ pour ses graines billet bio Noir c’est noir ! 5à icamen Page 8 de carinata Page 2 ts Page 5 Page 5 Page 8 L B 20 For 15 years biotechfinances has been the first weekly newspaper dedicated to all aspects of biotechnology. 10 % 600 100 M€ Somma ire Sommaire Go to www.biotech-finances.com Sommaire 10 M€ Do you want to subscribe? 32 % Visit our blog ! http://blog.biotech-finances.com Biotech Finances est une lettre hebdomadaire imprimée et en ligne publiée par les éditions européennes de l’Innovation. • Directeur de la publication et de la rédaction : Jacques-Bernard Taste [email protected] • Rédactrice en chef : Juliette Lemaignen - [email protected] • Rédaction : Anne-Laure Languille - [email protected] et H. 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