Date: 2013-06-11
Type of information: Joint-venture agreement
Compound: antibodies, genetically modified animals
Company: ImmunoGenes (Switzerland) Corvinus Kockázati Tokealap-kezelo Zrt (Hungary)
Therapeutic area: Technology - Services
Type agreement: joint-venture
Action mechanism:
Disease:
Details: * On June 11, 2013, ImmunoGenes has announced the formation of a joint venture between ImmunoGenes and Corvinus Kockázati Tokealap-kezelo Zrt (The Corvinus Venture Capital Fund Manager) that will fund the establishment of a world-class scientific facility for the development and production of monoclonal and polyclonal antibodies and genetically modified animals in Gödöllo, Hungary.
The joint venture, which will be called ImmunoGenes-ABS Zrt, will provide funding for production capabilities for the ImmunoGenes programs that are known as Customized Antibody Solutions and Customized Transgenic Solutions. The new facilities established under the joint venture will include more than 2,000 square feet of lab space with state-of the art equipment as well as animal housing with minimal disease (MD) and specified pathogen free (SPF) conditions that meet the highest international standards for antibody development and for the production and creation of transgenic animals. The funding of the new facilities will also result in the hiring of several new scientists and technicians, the number of which will increase with the growth of the facility over time.
Financial terms: ImmunoGenes and Corvinus, through its Corvinus Elso Innovációs Kockázati Tokealap (CELIN; Corvinus First Innovation Venture Capital Fund), will provide equity capital of HUF 60 million (CHF 250,000) in order to fund the start-up of the new venture. In addition, CELIN will provide a first loan of an additional HUF 60 million (CHF 250,000) in order to finance the capital expenditures needed to equip the laboratory to a high standard.
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