Skip to main content
Premium Trial:

Request an Annual Quote

Genome Pharmaceuticals Completes DM6.5 Million In Venture Financing


MUNICH--In what is claimed to be the largest amount of seed financing raised by a biotech company in Germany to date, Genome Pharmaceuticals, a functional genomics firm here, has completed a DM6.5 million seed round of venture capital financing led by BB Bioventures, Cambridge, Mass., with Techno Venture Management here as coinvestor. Genome has also applied for state and federal funding from the Bayerische Kapitalbeteiligungsgesellschaft and Technologie Beteiligungs gesellschaft der Deutschen Ausgleichsbank.

Genome offers an integrated platform of automated high-throughput genomic technologies, including gene expression analyses, protein interaction mapping, and bioinformatics, aimed at identifying drug targets.

The company has appointed Michael Steinmetz of Venture Asset Management, which manages BB Bioventures' investments, as its acting CEO. He previously served as vice-president of preclinical research and development at Hoffmann-La Roche, where he managed many of the pharmaceutical company's genomics collaborations with such companies as Millennium Pharmaceuticals, Incyte Pharmaceuticals, and Caliper Technologies. "Based on the people behind the company and its broad technology base, Genome Pharmaceuticals is set to become a leading biotechnology company," Steinmetz predicted.

Filed under

The Scan

Could Cost Billions

NBC News reports that the new Alzheimer's disease drug from Biogen could cost Medicare in the US billions of dollars.

Not Quite Sent

The Biden Administration likely won't meet its goal of sending 80 million SARS-CoV-2 vaccine doses abroad by the end of the month, according to the Washington Post.

DTC Regulation Proposals

A new report calls on UK policymakers to review direct-to-consumer genetic testing regulations, the Independent reports.

PNAS Papers on Mosquito MicroRNAs, Acute Kidney Injury, Trichothiodystrophy

In PNAS this week: microRNAs involved in Aedes aegypti reproduction, proximal tubule cell response to kidney injury, and more.