Seroba Kernel is Pleased to Announce The Sale of Our Investee Company, Covagen.

Seroba Kernel is pleased to announce the sale of our investee company, Covagen AG. Covagen has been acquired by Cilag GmbH International, a part of the Janssen Pharmaceutical companies of the Johnson & Johnson Group.

Seroba Kernel led a Series A extension investment into Covagen in 2010. Speaking about the sale of the company, Dr Daniel O’Mahony, partner with Seroba Kernel commented, “We identified next-generation antibodies as a potentially lucrative investment opportunity given the emerging pharma interest in that area back in 2010. The quality of Covagen’s Fynomer platform and its potential for disruptive innovation led us to choose Covagen as our investment in that sector of the market. We are delighted that the rationale for our investment has now been validated by this high value exit to Cilag.”

Covagen specialises in the development of multispecific protein therapeutics through the FynomAb technology platform. The company’s lead product, COVA-322, a bispecific anti-tumour necrosis factor (TNF)-alpha/anti-interleukin (IL)-17A FynomAb is in a Phase 1b study for psoriasis and holds potential as a treatment for a broad range of inflammatory diseases including rheumatoid arthritis. Sales of the top three TNF-alpha targeting drugs amounted to more than $28 billion last year.

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About Seroba Kernel.

Seroba Kernel is a European venture capital firm, headquartered in Dublin, Ireland and investing in life sciences. We work with some of Europe’s best entrepreneurs developing innovative medical devices, diagnostics and therapeutic drugs.

We fund new healthcare opportunities through key value-adding stages, from inception through development and clinical evaluation, the generation of intellectual property, regulatory approvals and market launch and partnering with leading pharmaceutical or medtech companies.

Our team combines in-depth scientific and medical knowledge with broad regulatory and commercial expertise. We are known for our patience, understanding, commitment and passion, well-demonstrated by the calibre of the entrepreneurs that we back, and an overriding focus on delivering improvements to people’s lives and value to our shareholders.

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