Galapagos NV: business update: http://t.co/6w1jppWE
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VIB and Ghent University announce the launch of Q-Biologicals, a new startup dedicated to the production of biologicals, substances produced with the help of living, biological processes. Annie Van Broekhoven, former director Biological Operations at Innogenetics-Fujirebio, is the new CEO of Q-Biologicals. Investors are VIB, PMV, Life Sciences Research Partners (LSRP) and the recently established SOFI fund, an initiative of Flemish minister of Innovation Ingrid Lieten.
Biologicals constitute a large class of molecules produced with living, biological processes, often medical products like vaccines, therapeutic proteins and antibodies. They are used to treat diseases or as a basis for diagnostic tests. Unlike traditional chemicals, biologicals cannot be manufactured using traditional chemical processes. Instead, they are produced using bacteria, yeasts or cell cultures. Q-Biologicals will not only focus on the production of biologicals, but also on their purification. The company starts with a number of 7 employees, mostly former employees of Innogenetics-Fujirebio. Along with Annie Van Broekhoven, Andre Van de Voorde, Innogenetics-Fujirebio former CSO, moves to the new startup.
With a growth rate of 16% growth per year, the production of biologicals is a rapidly increasing market, amounting to 2 billion Euro annually. Also the Flemish biotech cluster is increasingly developing biologicals. However, many companies outsource the production and purification of these proteins to third parties. Reason is the high demand placed on infrastructure and expertise.
"With Q-Biologicals, the expertise in production and purification of proteins will stay in Flanders, available for its growing bio-industry," says Annie Van Broekhoven, CEO of Q-Biologicals. "Already now, there is considerable interest in the services of Q-Biologicals, demonstrating the need for such protein production and purification services."
VIB and Ghent University also provide a technological contribution to Q-Biologicals by granting access to their FastScreen technology. FastScreen, developed by VIB, is well suited for production and evaluation of biological components. Both institutions also provide expertise through the VIB Protein Service Facility (PSF), led by scientist Jurgen Haustraete. PSF will work in close collaboration with Q-Biologicals.
The launch of Q-Biologicals is the first realization of the recently established SOFI Fund, created in 2011 under the impetus of the Flemish Minister for Innovation Ingrid Lieten. SOFI aims at stimulating the creation of spin-offs at the four Flemish Strategic Research Centers (VIB, IMEC, IBBT and VITO). For this new instrument, the Flemish Government provided 10 million euro. Coordination of the fund is by PMV. SOFI can invest in spinoffs in the form of shares or convertible bonds. Direct investment from SOFI may not exceed 1 million euro per spinoff, over a period of twelve months.
"At our Strategic Research Centers more than 4,000 researchers are working on new inventions that, one day, can improve the quality of our lives," says Ingrid Lieten, Flemish Minister of Innovation. "These inventions must find their way from the lab to the economy so that everyone can reap the benefits of scientists’ work. The Strategic Research Centers often are faced with a gap between a promising invention and finding capital for the start of a spinoff. With SOFI, we aim to bridge that gap."
Besides SOFI, also PMV and LSRP, the fund established by Désiré Collen, each invest 500,000 euro in Q-Biologicals. It is the first time both funds collaborate with VIB in starting up a new company.
Kenneth Wils, business manager at PMV: "PMV is very pleased with this new investment, with which PMV further develops into a major biotech investor in Flanders. The knowledge and expertise of the team at Q-Biologicals, with input from the technology of VIB and close collaboration with VIB’s Protein Service Facility, will allow Q-Biologicals to grow into an established player. "
Chris Buyse, director LSRP VZW: "It’s the mission of LSRP to give promising biotechnology companies a helping hand at the start. We are in perfect company, along with PMV, VIB and a strong management team, to turn Q-Biologicals into a success. "
The investment of 350,000 euro by VIB and the contribution of the management brings the total capital to nearly 2 million euro.
Q-Biologicals is housed in the VIB Bio-incubator at the Technology Park in Zwijnaarde, Gent, Belgium. This business center, founded by VIB, offers 8,000 square meter of dedicated life sciences facilities to starting biotech companies. Also ActoGeniX and Pronota, other VIB startups, are located in the VIB Bio-incubator.
Source: VIB
Tags: new company
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