Galecto Biotech attracts strong investor syndicate

Lund, May 2, 2012

Galecto Biotech AB announced today that the company’s first financing round has been expanded and that two new investors, SEED Capital and Sunstone Capital, will join Novo A/S and Merck Serono Ventures in the company’s investor syndicate. The company will use the proceeds to advance its unique galectin modulators, which have the potential to treat a range of life threatening diseases.

  • Galecto Biotech expands financing round
  • Two new investors, Sunstone Capital and SEED Capital will join investor syndicate A/S
  • Galecto Biotech is in optimal position to advance its drug candidates towards clinical testing

“Galecto Biotech is the first early engagement investment from our new fund,” says Søren Lemonius, Partner from Sunstone Capital. “Sunstone Capital’s Early Engagement Program is a new initiative within our new fund. The program is focused on early stage biotech companies with excellent science, but still not ready for a full venture round. We believe Galecto Biotech represents an excellent example of this, and we look forward to participating in the further development of the company”, says Søren Lemonius. Søren Lemonius will join the Company’s board of directors.
“Galecto Biotech is a very promising biotech company, founded by a strong team of world class scientists and biotech executives,” says Carsten Schou from SEED Capital. “We are excited to join Merck Serono Ventures and Novo A/S together with Sunstone Capital as investors — this is a particularly strong syndicate for an early-stage company. Galecto Biotech’s focus on fibrosis and other serious diseases, the strong scientific background of the founders, and a relatively short time to clinical proof of concept in patients make the company a very appealing investment for us. ”Carsten Schou will also join the Company’s board of directors.
“We are very happy to welcome SEED Capital and Sunstone Capital as new investors in Galecto Biotech. Galecto Biotech will be in a unique position supported by an excellent investor syndicate composed of four VCs, all with strong biotech records. The additional funding will enable us to accelerate development of our key drug candidates in an optimal manner towards demonstration of clinical effect” said Dr. Hans Schambye, CEO of Galecto Biotech.
About SEED Capital
SEED Capital is the largest venture fund in Denmark within the pre-seed and seed segment and specializes in identifying and developing new and innovative technology companies. SEED Capital manages both private and public venture capital funds through innovation environment DTU Symbion Innovation. Public funding allows SEED to invest in start-ups in the early stages, and private funds are invested in the most successful companies in subsequent rounds of investment. SEED manages today approx. 1.5 billion DKK and has about 70 companies in its portfolio.
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About Sunstone Capital
Sunstone Capital is an independent venture capital investor founded in 2007 by an international team of industry experts with combined entrepreneurial, operational and financial experience. Sunstone Capital focuses on developing and expanding early-stage Life Science and Technology companies with strong potential to achieve global success in their markets. Sunstone Capital currently manages four Life Science funds and three Technology funds. Within Life Science, Sunstone Life Science Ventures has invested in more than 35 companies in the areas of pharmaceuticals, medical technologies and diagnostics, and has completed several successful exits and IPOs. Managing total funds of EUR 693 million, Sunstone Capital is one of the largest and most active European venture capital investors.
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About Novo Seeds
Novo A/S is the holding and investment company of the Novo Group, and is wholly owned by the Novo Nordisk Foundation. Novo A/S was formed in 1999 to actively manage the assets of the foundation. It employs about 30 people and has approximately USD 15 billion of assets under management. These includes significant shareholdings in the publicly listed Novo Nordisk A/S (NYSE: NVO) and Novozymes A/S (NVZMF.PK), Novo A/S provides seed, venture and growth capital to development stage companies within life science and biotechnology, as well as manages a broad portfolio of financial assets. Novo A/S is committing up to USD 300 million annually to its investments in seed, venture and growth equity life science companies. Novo Seeds was launched in September 2007 as a new initiative from Novo A/S and the Novo Nordisk Foundation to provide funding for early stage projects and seed financing of new life science companies in Scandinavia.
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About Merck Serono Ventures
Merck Serono Ventures is the strategic, corporate venture capital fund of Merck Serono, the division for biopharmaceuticals of Merck KGaA, Darmstadt, Germany. The fund was started in 2009 with the mandate to invest in early-stage innovative technologies with the potential to impact Merck Serono’s core therapeutic areas: Neurodegenerative Diseases, Oncology, Rheumatology, Fertility and Endocrinology.
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About Forskarpatent i Syd
Forskarpatent specializes in the commercialization, through licensing or new venture spinouts by refining patentable inventions emanating mainly from Swedish universities. Forskarpatent holds a portfolio of several life science projects in the format of shares in spinouts, partnered (licensed) and still unpartnered assets.
About Galecto Biotech AB
Galecto Biotech is a newly founded company, focused on developing novel drugs for the treatment of fibrosis, inflammation and other serious human diseases. The company’s products target galectins or galactoside binding lectins, which are a group of proteins shown to be involved in many disease processes. Galecto Biotech’s high potency galectin inhibitors may open new treatment possibilities for many patients. The company is led by top-level scientists and biotech executives. Galecto Biotech is located in Lund, Sweden, with close proximity to the founders’ research groups.
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For further information please contact:
Hans Schambye
CEO, Galecto Biotech
Tel: +45 26 3737 26

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