17th February 2012. Norwegian oncology biopharma company BerGenBio AS has completed an $8.8 million Series A financing round. The financing will be used primarily to take lead compound BGB324 into clinical trials and to develop a companion diagnostic. The lead investors in the raise were Sarsia Seed AS and Investinor AS.
Bridgehead International was appointed by Investinor AS, the Government of Norway venture capital investment corporation, to carry out a due diligence study on BerGenBio AS. This covered the main technical and commercial elements of the company’s programmes, its business plans and the capacity of the management team to deliver.
Bridgehead’s CEO, Timothy Fitzgerald, commented: ‘Bridgehead’s expert team was able to provide a rapid, in depth assessment of the BerGenBio portfolio, and to assess this leading edge science in a clear commercial context. It is very satisfying to see that our advisory work has contributed to this investment round and we wish the company and its investors every success for the future’.
Jon Øyvind Eriksen of Investinor said: ‘By examining BerGenBio’s main value drivers and evaluating the current status of the company’s programmes, Bridgehead’s consultants provided Investinor with excellent advice which both confirmed our investment thesis. and identified opportunities for Investinor to add value to the company as active owners’.
Notes to editors:
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Contacts at Bridgehead International:
Wendy Daunt, Marketing Executive
Tel: +44 (0) 1664 503 719
Timothy A J Fitzgerald, CEO
Tel: +44 (0)1664 503 700