LSP completes first closing of EUR 4 million series a investment in Neuronova AG, Munich

13-Nov-2003

Life Sciences Partners (LSP) has made an initial commitment to NeuroNova AG in Munich, Germany, as part of a EUR4 million round of equity financing. NeuroNova is a biopharmaceutical company in the field of affective disorders. Its main founder, Prof. Florian Holsboer, is the Director of the Max-Planck-Institute for psychiatry in Munich which he has established during the past decade as one of the world leading centers in the research and clinical development of therapies for psychiatric disorders. Prof. Holsboer has made ground-breaking contributions to the field of depression and anxiety disorders and has paved the way for several collaborative undertakings with pharmaceutical companies in order to discover and develop better drug treatments for psychiatric disorders. Dr. Herbert Stadler, also a founder, is the former CEO of DeveloGen AG in Göttingen, Germany, and of other successful biotech enterprises. He will assume the role of CEO of NeuroNova going forward. Another founding shareholder is the Max-Planck-Society, in recognition of its important contributions to NeuroNova AG and its continued support of this exciting new company. Prof. Florian Holsboer, Director at the Max-Planck-Institute for Psychiatry and Chairman of the Board of Directors of NeuroNova, is delighted about the start of operations: "The other founders and I have been working very hard for this moment and it is with great satisfaction that we see the commitment and support of a reputable and experienced group like LSP to NeuroNova despite adverse market conditions for start-ups. This funding will enable us to energetically pursue in- and out licensing options available to us as well as to start our first collaborations with the pharmaceutical industry." Dr. Joachim Rothe, Partner of LSP, and the Vice Chairman of NeuroNova's Board of Directors, is enthusiastic about the prospects of the company: "From day one, NeuroNova will establish itself as a serious contender in CNS drug discovery and development. Start-up financings have been few and far between in Europe this year and there is a good reason why NeuroNova is one of the rare exceptions: The mix of highly experienced professionals with a number of exciting R&D programs and plausible near-term revenues makes this opportunity unique. The fact that we have been selected to lead the deal is a very pleasing validation of LSP as a value-added investor. We are extremely excited to be able to work with NeuroNova". Dr. Herbert Stadler, CEO of NeuroNova , agrees: "The whole founding team and I are more than pleased to have won the trust of investors like LSP. The financing provides us with a solid basis on which we will build the organization and, at the same time, push the various commercial programs of NeuroNova forward. We were very pleased with our smooth and flexible interaction during the due diligence and we are much looking forward to a dynamic and productive interaction with LSP."

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