Biotech in the Netherlands

Perhaps now worthy of heavyweight status, the Netherlands has seen steady expansion in the health and life sciences sectors since the end of the last millennium, and continues to attract significant venture investment. Partly attributable to the country's well developed research infrastructure, and the locating of European operations of many US firms in the 80s, the activity clusters around numerous cities including Amsterdam, Rotterdam, Groningen, Leiden and Wageningen.

Fund raising and IPO plans in Dutch Biotech

Activity in the diagnostics arena appears to be particularly high in the Dutch biotech scene, with several companies in this area seeking funds or planning exits. Some examples of these players, their technologies and future funding plans are illustrated below.

BrainMarker is an early stage company, spun out of BioMetrisch Centrum, which has an application that calculates and identifies biomarkers of particular diseases such as ADHD, chronic fatigue, depression, migraine and chronic stress. This is achieved by measuring different brain states, and comparing them to empirical data of states associated with these diseases using specific algorithms. The company was founded in 2007 and the managing director Dr Björn Crüts told Library House they expected to seek funding of the order of €1-2m in 2009 to expand a diagnostics service into the global market.

Another Dutch biotech operating in the diagnostics arena and planning to raise funds in the future is NovioGendix. The company offers molecular diagnostics services through its accredited laboratory, and performs research in the field of discovery of new and better diagnostic markers for cancer. NovioGendix chief executive Rob Tweehuysen told Library House that the company is likely to require funding in around two years' time in order to fund testing of its candidate bio-markers. He believed this funding would be in the region of €5m.

On the 19th of June, Amsterdam-based Agendia announced it was considering an IPO on Euronext Amsterdam in 2009, although the company is looking into a number of options, including merging with a peer or acquiring a competitor. Agendia develops diagnostic methods using microarray gene expression profiling to determine the tumor's specific properties.

Moving away from the diagnostics arena, Groningen-based IQ Therapeutics has developed a proprietary technology for the generation of fully human antibodies from the blood of vaccinated or immunised donors. The aim is to develop "instant immunity" through generation of protective antibodies, and the company has trademarked it "Cloning the Human Response". The technique is also applied for various developments to build a pipeline of potential novel antibody based drugs. IQ Therapeutics chief executive Roland Lageveen revealed to Library House that the company expects to launch its first product in 2009 and become profitable by 2010, and is seeking funds of between €5 – 10m in Q3 2008 to aid in expansion and growth.

Achilles Group, the UK-based provider of supplier management information technology and services, has raised £42m (€53m) from HgCapital. Achilles Group has developed a technology and service delivery system that provides data on suppliers for global organisations. The deal saw HgCapital invest £42m (€53m) in equity, with an undisclosed additional debt element attached. The funding will be used to expand the company.

Apatech, the UK-based developer of synthetic bone graft technologies, has raised $45m (€29m) from existing investor, 3i Group and new investor, HealthCor Partners. Apatech has developed a technology that combines optimised physical scaffold with a chemical formulation to manufacture an optimised synthetic bone graft. The investment saw 3i and HealthCor Partners acquire part of previous investor, MTI Partners', stake in the company. As a result of this deal MTI Partners recovered its original cash stake in Apatech, and still maintained a significant shareholding in the company. The funding will be used for additional commercial resources, further clinical and new product development, and a significant expansion of manufacturing capacity.

NTRglobal, the Spain-based pure-play vendor of software-as-a-service (SaaS) solutions to enterprise, has raised £22m (€28m) from new investors Kennet Venture Partners and Atlas Venture, and return investors Debaeque Venture Capital and Elaia Partners. NTRglobal has developed enterprise-grade, on-demand solutions for remote support, IT collaboration and IT administration. The funding will be used for sales growth in Europe, North America, the UK, Japan and China, and to accelerate the roll-out new SaaS IT automation solutions in 2008.

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HelioDynamics, the UK-based developer of solar energy technologies, has been acquired by existing investor EnergyMixx. EnergyMixx has purchased the remaining 70 per cent of HelioDynamics's shares from company management and investors for £2.27 (€2.9m), which is to be paid in a series of tranches following the completion of agreed milestones. The acquisition comes after the May transaction in which EnergyMixx purchased a 30 per cent stake in HelioDynamics from Low Carbon Accelerator. HelioDynamics is developing a large-scale solar product; a 24/7 steam generator aimed at industry and utility power generation.

Amic, the Sweden-based developer of Forecast Technology for the in vitro diagnostic (IVD) market, has been acquired by Johnson and Johnson for an undisclosed amount. Amic is developing technology that uses a chip-based micro-fluidic platform to enable fully quantitative, immunoassay tests in POC or near-patient settings. The acquisition will enable Ortho-Clinical Diagnostics, a Johnson & Johnson company, to access Amic's high performance technology platform.

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Business Glue, the Germany-based management and IT consulting firm, has appointed Stefan Zbinden as chief executive. Prior to joining the company, Mr Zbinden held a variety senior management positions, including: country manager, global accounts at Xerox; vice president at Arvato Direct Services /Bertelsmann Group; and director, global accounts at Software.

Logicscope, the UK-based developer of post-trade messaging and market data integration solutions for OTC trading chains, has appointed John Barber as chief executive. Prior to joining the company, Mr Barber held the position of global head of information and data sales at ICAP Information Services. Before that, Mr Barber held a senior management position at Data Analysis Risk Technology (DART), Intercapital's software subsidiary. Following the acquisition of DART by AFA Systems in April 2000, Mr Barber was appointed as an executive director on the AFA board. Previously, Mr Barber spent 14 years at Dow Jones Telerate, where his last role was deputy managing director for Europe, Middle East and Africa.

Santaris Pharma, the Denmark-based clinical stage biopharmaceutical company, has appointed Søren Tulstrup as chief executive and president. Prior to joining the company, Mr Tulstrup held the position of vice president global human health at Merck & Co. Before that, Mr Tulstrup held senior management positions at Novartis, formerly Sandoz.

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TouchMe, the Sweden-based provider of solutions for digital signs, has revealed to Library House that the company is currently fundraising. Lars Englund, TouchMe's co-founder and co-chief executive, stated that the company intends to close this round of funding by the end of June 2008. Mr Englund went on to inform Library House that he believes that the company's previous funding to be sufficient to take the company to profitability. In relation to the TouchMe's exit strategy, Mr Englund disclosed that the company was open to all possible exit routes, but stated that he believed an exit would take place within five to eight years, depending on market conditions and company performance.

Ocutec, the UK-based medical device company, has informed Library House that the company is currently fundraising and is seeking to raise €948k. Dr Caroline Stretton, Ocutec's director of quality and regulatory, revealed to Library House that the funding would be used to progress the development of the company's product. Dr Stretton stated that the company intends to close this round of funding round in July 2008. Dr Stretton went on to say that the company intends to seek additional funding in 2009, and would look to raise between £1m and £1.5m (€1.3m and €1.9m) which would be used towards full production of the company's products, and sales and marketing efforts.

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