GENESIS Tech Transfer Boost, the investment vehicle managed by GENESIS Biomed, member of CataloniaBio & HealthTech, is adding a new partner. The vehicle was created in April 2022 with the aim of detecting and investing in early-stage projects in the biomedical sector, whether from hospitals or academic centres, following in the footsteps of its predecessor GENESIS Ventures. To the €1M commitment from founding partners GENESIS Biomed, FI Group and Crowd4Ventures, PINONO S.L. is now added with a €200,000 commitment.
For Josep Lluís Falcó, CEO of GENESIS Biomed, "the incorporation of a new partner is good news for the vehicle, in particular, and for the biomedical ecosystem in general. The expansion of the fund will allow us to increase the number of early projects in which to invest. This investment will allow the projects to mature so that in the future they can access venture capital investments that will allow them to reach the market".
During 2023 GENESIS Tech transfer Boost made two investments. The first investment was carried out in March with the investment of a €100,000 ticket in the IiSPV spin-off, RetinaReadRisk. The biotech company has developed a mobile system based on artificial intelligence to predict diabetic retinopathy. GENESIS Biomed has acted as a Venture Building platform in this spin-off: in addition to acting as investor and fund manager, it has been assuming the functions of administrator and interim CEO of the company, helping to raise new public funds, and coordinating the regulatory development of the product, and identifying the new CEO recently hired in the company.
The second investment was made in April, where a €25,000 ticket was invested in the biotech company Spinally Medical. Spinally Medical is a company that has developed and protected a spinal cord stimulation system for the treatment of low back and legs pain (LBP).
In addition to these two investments, three other fundraising processes have been initiated in the last quarter of 2023 and will most likely be closed during the first-second quarter of 2024.
The objective of the vehicle is, in a first phase, to continue to carry out investments in biomedicine projects for the remaining three years to later, in a second phase, find exit scenarios that allow the recovery of the investment with its corresponding multiples.
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