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Bioprocess Capital Ventures

Bioprocess Capital Joins With Cleveland BioLabs in $18m Joint Venture

Posted Thu, 14/01/2010 - 22:42

Russian venture capital fund Bioprocess Capital Ventures has struck a deal with American pharmaceutical company Cleveland BioLabs to form a new joint venture named Incuron. The new company will be given the rights to CBLI's Curaxin pipeline, further developing the compounds for cancer treatment. Three investments totalling USD 18 million will be provided by BCV as Incuron reaches goals agreed to by both parties. The first USD 5.8 million will be given when Incuron is legally formed, the second investment of USD 6.4 million will be made when Incuron is ready for clinical trials, and the remaining amount will be provided at the completion of at least one Phase I/II patient trial.