Marchmont News 21 September 2012
Maxwell Biotech, a Russian VC fund, has decided to invest in Eleventa, a start-up established earlier this year to develop and commercialize drugs to treat bronchial asthma and some other respiratory allergic diseases, the official Russian Venture Company (RVC) website reports.
Russian Venture Company is a co-founder of Maxwell Biotech. RVC is the Russian fund of funds and one of this country’s so-called development institutions (alongside Rusnano, Skolkovo, VEB Bank and some others).
The value of the deal between the VC fund and the start-up has yet to be specified.
Eleventa, a privately owned Russian company, part of the Maxwell Biotech Group biotechnology holding, has been engaged in developing a special drug candidate, OC459. In this work, the start-up is closely collaborating with the UK-based Oxagen, an international firm that earlier raised an investment from a consortium of leading European and North American VC funds, including MPM Capital, Novartis Bioventures Ltd., SV Life Sciences, Bessemer Venture Partners, The Wellcome Trust, Wellington Partners Venture Capital, and some others.