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EIF supports EUR 126.4 million Ysios Biofund II Innvierte

    Date: 19 October 2016

The European Investment Fund has supported Ysios Capital - a leading biotechnology venture capital firm in Spain, which today announced the final closing of its second fund, Ysios BioFund II Innvierte FCR, raising a total of €126,4 M and exceeding its initial hard cap of EUR 100 million.

Ysios BioFund II Innvierte has a strategy similar to predecessor fund Ysios BioFund I,(currently under divestment) in that it aims to invest in biotech, medtech and diagnostic companies across Europe with a special interest in Spain. The fund will finance up to 15 early-stage (start-up) and development phase companies with disruptive products, platforms or technologies that address unmet medical needs.

Ysios BioFund II Innvierte has a strengthened and expanded investor base, attracting both returning investors as well as new investors. These include institutional investors both at a national and international level, including CDTI (Spanish Ministry of Economy) through its Innvierte program; the European Investment Fund (EIF) and the European Commission through InnovFin SME Venture Capital, a financial instrument developed under the EU Framework Programme for Research and Innovation Horizon 2020; pension funds such as Orza and Lagun Aro; Banc Sabadell (BIDSA) and private investors.

"We have exceeded our initial closing target. Ysios BioFund II Innvierte has become one of the biggest specialized biotechnology fund in the South of Europe," said Julia Salaverria, partner at Ysios Capital Partners. "We are very grateful to have the backing of many exceptional investors who have shown confidence in Ysios Capital’s work and in the potential of the biotechnology sector."

Ysios BioFund II Innvierte has invested in five companies to date: Sanifit, the largest transaction in the history of the sector in Spain; Minoryx Therapeutics, the largest transaction in the history of the sector in the Barcelona area; Aelix Therapeutics (Spain); Prexton Therapeutics (Switzerland); and Aura Biosciences (U.S.). It expects to announce new investments before year end.

"The success of our second fund is the result of the excellent work of a committed international and multidisciplinary team,” added Joel Jean-Mairet, partner at Ysios Capital. “With our recent investments we have been able to attract specialized international funds and corporate venture funds to Spain, which represents an inflection point for the country´s biotech sector. In 2015 alone, Ysios Capital portfolio companies in Spain have been capitalized with 100 million euros."

Carlos Moedas, European Commissioner for Research, Science and Innovation, said: "Thanks to the equity products developed under Horizon 2020, the EU today invests directly into some of Europe's most promising companies in the biotech, medtech and diagnostic sectors. By providing finance for innovation in this way, we support the development of tomorrow's healthcare solutions."

“This new deal with Ysios Capital targets SMEs which often lack accessible financing options. With its unique position in the market, Ysios Capital will play a valuable role in helping Spanish start-ups and spin-outs. The EIF is pleased to be working with this Fund, whose objectives are in line with our mission to support innovative SMEs across Europe”. said Pier Luigi Gilibert, Chief Executive at the European Investment Fund.

About Ysios Capital

Ysios Capital, founded in 2008, is an independent venture capital firm providing private equity financing to early through late-stage human healthcare and biotechnology companies, with special focus on pharmaceuticals, diagnostics and medical devices. With the new fund Ysios BioFund II Innvierte, Ysios Capital manages almost EUR 200 million across two funds. The Ysios Capital team has 13 international professionals and offices in both Barcelona and San Sebastian. For more information, please visit http://www.ysioscapital.com

About EIF

The European Investment Fund (EIF) is part of the EIB Group. Its central mission is to support Europe's micro, small and medium-sized businesses (SMEs) by helping them to access finance. EIF designs and develops venture and growth capital, guarantees and microfinance instruments which specifically target this market segment. In this role, EIF fosters EU objectives in support of innovation, research and development, entrepreneurship, growth, and employment.

Background on InnovFin financial products

Under  Horizon 2020, the EU research programme for 2014-20, the European Commission and the European Investment Bank Group (EIB and EIF) have launched a new generation of financial instruments and advisory services in 2014 to help innovative firms access finance more easily. Until 2020, "InnovFin – EU Finance for Innovators" offers a range of tailored products which will make available more than EUR 24bn of financing support for research and innovation (R&I) by small, medium-sized and large companies and the promoters of research infrastructures. This finance is expected to support up to EUR 48bn of final R&I investments.

Backed by funds set aside under Horizon 2020 and by the EIB Group, InnovFin financial products support R&I activities, which by their nature are riskier and harder to assess than traditional investments, and therefore often face difficulties in accessing finance. All are demand-driven instruments, with no prior allocations between sectors, countries or regions. Firms and other entities located in EU Member States and Horizon 2020 Associated Countries will be eligible as final beneficiaries.

InnovFin Equity provides risk capital financing to funds that provide equity and quasi equity investments in SMEs in their in their pre-seed, seed, start-up and other early stage phases allowing them to set up or reach their next development stage. The InnovFin Equity investment focus is on innovative sectors of Horizon 2020 such as ICT, life sciences, clean energy and on societal challenges such as resource efficiency, bio economy, health and demographics, climate change.

 InnovFin Equity comprises four different products:

- InnovFin Technology Transfer (InnovFin TT): aims at accelerating of technological innovations through investments into technology transfer funds focusing on the areas of key enabling technologies and other Horizon 2020 objectives promotion of IP, licensing and spin off activities. It mainly invests in funds operating in the pre-seed (including proof of concept) and seed stages.

InnovFin Business Angels (InnovFin BA): targets investments into business angel managed funds or co-investment funds, which invest in early-stage enterprises at regional, national or cross-border level.

- InnovFin Venture Capital (InnovFin VC): targets investments into venture capital funds that provide funding to enterprises in their early stage operating in Horizon 2020 innovative sectors.

InnovFin Fund-of-Funds (InnovFin FoF): targets investments into venture and growth stage fund-of-funds targeting to build a portfolio of investments into underlying funds with significant early stage focus.

Press contacts:

EIF: David Yormesor, Tel.: +352 42 66 88 346, E-mail: d.yormesor@eif.org

Ysios Capital: Míriam Cortés,  Tel.: 93 517 3545, E-mail: mcortes@ysioscapital.com

Note: Following the recent withdrawal of the United Kingdom from the European Union, we are updating the relevant EIF.org pages.


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