Eleva secures up to EUR 60 million to advance a drug candidate, appoints new board member
Eleva, a manufacturer of superior biologics, has secured up to EUR 60 million in funding from Zukunftsfonds Heilbronn (ZFHN). The funds will help advance one of its drug candidates, CPV-101, to stages that will facilitate further investment from venture capitalists and/or pharmaceutical companies. Eleva also announced the addition of Dr. Ralf Smit to its Executive Board.
Eleva has been utilizing its unique moss-based platform to produce novel drugs. ZFHN, an investor in local start-ups, is now providing up to EUR 60 million to help take CPV-101, a potentially game-changing complement regulator, to more advanced clinical stages. This will enable additional investment from venture capital firms and/or pharmaceutical companies on the path to approval.
Complement regulators manage inflammatory processes by protecting the body’s own cells and preventing excessive inflammation. Current methods block the inflammation pathway but promote further infections and pathogen proliferation.
Eleva also announced the addition of Dr. Ralf Smit as CBO (Chief Business Officer) to its Executive Board. Ralf Smit has over 25 years of experience in business development and commercialization with pharmaceutical companies (Roche, BioStrat). Previously an advisor to Eleva, he will now head its Clinical and Business Development.