BioInnovation Institute launches Venture Lab program with intake of innovative early-stage companies

COPENHAGEN, Denmark, Sept. 14, 2021 /PRNewswire/ -- BioInnovation Institute (BII), an international commercial foundation with a non-profit objective incubating and accelerating world-class life science research, today announces the first cohort of participants in the Venture Lab acceleration program for early-stage companies. Comprising a pan-European spread of start-up initiatives and university research projects, the seven ventures are developing revolutionary science across BII's three sector specialised areas – therapeutics, bioindustrials and health tech.

Designed to help build research-based ideas with high-growth commercial potential into viable start-up companies, BII's 12 month Venture Lab program supports business acceleration, scientific development and team development, and provides a risk-free convertible loan of EUR 500.000 plus access to labs and offices at BII's entrepreneurial ecosystem in the center of Copenhagen. 

Commenting on today's launch, Bobby Soni, Chief Business Officer at BioInnovation Institute, said:

"BII's Venture Lab program offers a platform for bringing ground-breaking science and research ideas to life and will be instrumental in enabling scientists and entrepreneurs to tap into a wealth of expertise and support. We continue to receive many high-quality applications and are delighted to have selected a cohort of first-class initiatives consistent with our ambition to support innovation that will positively impact global health and the environment."

The new ventures BII has accepted into the Venture Lab program are the following:

• FLASH diagnostics: developing cutting-edge microscopy for use in the clinical diagnosis of cancer patients.
• Stimuliver: developing a disruptive liver implant to treat critically failing liver function in humans.
• ComMit Biologics: immunotherapy for cancer treatment using b-specific domain antibodies to efficiently target a variety of cancers.
• HEI Therapeutics: developing the world's first medical-grade home monitoring solution for thyroid conditions
• NewOstomyLife: introducing a new solution for collecting output from ostomies that aims to make a better and new life for persons who live with a stoma. 
• EvodiaBio ApS: producing sustainable, natural aromas for the food and beverage industry.
• Bioomix ApS: develops new microbial solutions that can replace fungicides, synthetic fertilizers and antibiotics

Each start-up will be supported in conducting key experiments to reach initial proof of concept, to make a business plan and to set up a team. Assisted by a dedicated scientific advisor, a leadership coach and a BII business development expert, start-up companies will be guided in developing a detailed milestone plan and will be helped to overcome challenges.

Since inception in 2018, BII has supported 68 start-ups and projects with EUR 35 million in funding.  BII's start-ups have in total raised more than EUR 112 million from local and international investors. Its diverse team brings venture capital, pharma and business expertise together to help early stage companies accelerate to the next level. Recent portfolio / incubated company successes include Adcendo, Stipe Therapeutics, Twelve Bio, Octarine Bio, Chromologics etc. 

Read more at https://www.bioinnovationinstitute.com/programs/venturelab 

Details on the companies accepted can be found below:

FLASH diagnostics brings cutting-edge microscopy developments to the clinical diagnosis of cancer patients. Optical tissue clearing in combination with high-speed imaging identifies metastasizing tumor cells in large intact tissue volumes. We employ three-dimensional screening of entire cancer resections to enable the absolute quantification of cancer spread and precise patient staging.

Stimuliver is developing a disruptive liver implant to treat critically failing liver function in humans. The implant will be placed underneath the skin to 'top up' the patient's reduced liver function. Lab engineered liver tissue will be produced from human stem cells, providing a scalable and renewable source of human liver tissue. The development of the liver implant to clinical grade will provide patients with a renewable treatment option for their disease. Liver disease kills approximately two million people per annum. Although organ transplant is a viable option to treat disease, many patients are not candidates for this type of treatment or die on the transplant waiting list.  

ComMit Biologics is a biotech spin-out from Aarhus University developing a new type of immunotherapy for cancer treatment. The company was founded on the discovery that complement – an important part of the innate immune system - and can be potently directed to kill tumor cells using b-specific domain antibodies. This discovery has been further refined into the highly modular BiCE technology, that can be formatted to efficiently target a variety of cancers.

HEI Therapeutics is a digital therapeutics company developing the world's first medical-grade home monitoring solution for patients with hypothyroidism based on state-of-the-art microfluidics, microtechnology and artificial intelligence. The HEI solution is developed in close collaboration with patients and clinicians and empowers patients to better manage their condition by providing new digital opportunities for continuous care. More than 200 million people suffer from hypothyroidism globally and a large group of patients are undiagnosed or not properly medicated, leading to decreased quality of life, impaired job readiness, and elevated risks of comorbidities and mortality.

NewOstomyLife is introducing a new solution for collecting output from ostomies that is radically different than the current solution - the stoma bag. NewOstomyLife wish to remove time-consuming, mental and physical obstacles related to the current use of stoma bags. By this, we hope to make a new and better life for persons who live with a stoma.

EvodiaBio is a bio-industrial company producing sustainable, natural aromas for the food and beverage industry. Our disruptive yeast-based technology enables consumers to enjoy the benefits of non-alcoholic beer without having to compromise on taste

Bioomix develops new microbial solutions that can replace fungicides, synthetic fertilizers and antibiotics. Our approach is based on a 3D printed discovery platform that uses natural selection and synthetic ecology to capture microbes with beneficial properties. Our vision is to reduce microbial resistance and pollution and to make food production more sustainable

About the BioInnovation Institute Foundation

The BioInnovation Institute Foundation (BII) is an international commercial foundation with a nonprofit objective supported by the Novo Nordisk Foundation. BII operates an incubator to accelerate world-class life science innovation that drives the development of new solutions by early life science start-ups for the benefit of people and society.

BII, located in Copenhagen, Denmark, offers start-ups and early-stage projects within health tech, therapeutics, and bioindustrials state-of-the-art labs, vibrant office facilities, business development, start-up business incubation, access to high-level mentoring and international networks, plus unique funding opportunities of up to 1.3 million euro per start-up and 2.4 million euro per project.

Since the inauguration of BII in November 2018, BII has awarded 35 million euros to 68 high-growth start-up companies. Read more on www.bioinnovationinstitute.com

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SOURCE BII