Abviris GmbH Obtains Almost 3 Million Euros in Series A Financing
- Abviris GmbH commenced market entry in Germany after successful test-marketing phase (450 customers, 300,000 € revenues) and, respective clinical trials. Initial positioning is targeting screening for HPV induced tumours of head and neck and the anogenital region.
- Funds raised in round A reveal that investors are convinced of the Abviris concept: besides one of Europe’s largest Tech-investor, the HTGF in Bonn, also renown private investors joined in with „smart money“ - from the areas healthcare and finance.
- The predicted growth will commence in 2019 to adequately exploit the overall potential far in excess of 500 million Euro. Focus will be the international market development through optimised partnerships, with special emphasis on a FDA registration in the US. The additional systemic and systematic portfolio expansion will further enhance market potentials and revenues.
Providing an effective measure to fight the ongoing increase of cancer caused by the ubiquitous human papilloma viruses (abbreviated: HPV) or their high-risk (HR) variants is the mission objective of Abviris GmbH. This mission attracted renown institutional and private investors. Earlier start-up and seed financing rounds led by HTGF, one of the largest hi tech investors, yielded funds in excess of 1 million €. In addition, expertise from former industry leaders in analytics and diagnostics now functioning as advising “business angels” came on board. Within the recently closed Series A financing round almost 3 million € and additional business angels with even more experience in pharma and financing joined in. This puts Abviris in a sound financial position to achieve market penetration and portfolio expansion. By doing so it will also deliver a notable and measurable contribution to the more and more individualised fight against these types of cancer.
„HPV-induced tumours and particularly their precursor stages produce distinct, i.e. sub-type specific, capsid proteins and shed those constantly also into the blood stream. Here our immune system responds accordingly. Amongst other reactions it forms specific antibodies that can easily be detected. And with that finding we had an equally simple and effective tool at hand to screen for non-symptomatic and non-visual cancers,“ Dr. Ralf Hilfrich explains, developer of the assay concept and co-founder of Abviris. „With the actual tumour marker and its respective detection assay PrevoCheck® we are able to screen with a blood test for the onset of an HPV-induced malignancy in the head-and-neck and, in the anogenital region. With our next to launch system, the PT Monitor®, we can also optimise patient stratification and post-therapy disease monitoring. By doing so we support the earliest possible detection of a tumour recurrence or of metastases, allowing for most effective medical intervention“.
5% of all malignant diseases are caused by high risk (HR) HPV viruses. To date, developed countries offer and pay for regular screening programs against the well-known cervical cancer. However, head-and-neck cancer alone significantly outperforms the latter. Moreover, these tumours are usually so much more progressed when diagnosed that they often end up fatal. Thus it is a logical step for Abviris to engage in fighting against this. Founders and investors are convinced that robustness and simplicity of a “simple blood test“ are going to lead to a rapid implementation in screening and monitoring settings. At the same time it is going to make the question of market potential close to obsolete. The pressing medical need is simply obvious. This does not yet take into account the equally targeted indication expansion of fighting HIV-associated tumours in LIMCs, the founders mention.
„To achieve comprehensive and sustainable market entries with acceptable and balanced economic resources remains a constant challenge,” explains Stefan Raupach, CEO and co-founder and experienced entrepreneur in the in vitro diagnostics industry. “Customer satisfaction is our priority. That certainly requires a continuous partnership with healthcare professionals and opinion leaders to demonstrate that our products and services are effective. And, that they improve healthcare significantly in this specific and threatening area for every individual concerned. It is especially those individual observable cruel fates that motivate us not to hesitate or to slow down in realising our vision. Working together with so many “old” and “new” prominent supporters is a great honour,” states Raupach, delighted.