BIMINI Biotech raises a EUR3M seed round to advance first-in-class therapeutics for hematological cancers
Leiden, January 8th, 2025 – BIMINI Biotech, an innovative Leiden-based drug development company that develops novel therapeutics for hematological cancers, successfully closed a seed investment round of EUR 3 million. The round was led by San Diego-based (US) Torrey Pines Investment (“TPI”), with the participation of InnovationQuarter Capital (“IQC”), Libertatis Ergo Holding (“LEH”) and a business angel. The funding will enable BIMINI Biotech to progress the preclinical development of its first-in-class modulators of the Wiskott Aldrich Syndrome Protein (WASp).
THE UNMET NEED
Several lymphoma and leukemia subtypes are highly aggressive and associated with poor prognosis. Despite the use of newer agents, the relapse rates are still too high, with the diseases considered incurable in still too many patients. Since patients are mostly elderly with comorbidities, intensive induction or cell therapies cannot be offered. Moreover, if treatment fails, the availability of therapies becomes scarce. There is an unmet need for newer targeted agents with novel mechanisms of action to improve the current treatment paradigm.
BIMINI BIOTECH’S APPROACH
BIMINI Biotech’s technology leverages a unique mode-of-action, by targeting Wiskott Aldrich Syndrome Protein (WASp) to inhibit cancer cell growth. WASp is an actin nucleation related protein expressed exclusively in hematopoietic cells. WASp has shown to play an important role in hematological tumor aggressiveness. BIMINI Biotech has a portfolio of WASp modulators that can be applied to different hematological cancers as well as autoimmune disorders. BIMINI Biotech has shown both in vitro and in vivo promising anti-cancer effects for different lymphoma and leukemia models.
ACCELERATING PRECLINICAL DEVELOPMENT
The company will use the investment to accelerate the preclinical development of its WASp modulators and validate preclinical safety and efficacy. BIMINI’s activities will be supported by the cutting-edge computer-aided drug design and the research expertise of Expert Systems, an advanced accelerator platform equipped with a comprehensive, hybrid artificial intelligence (AI)-based system that covers the entire spectrum of preclinical drug discovery and early development phases.
Rouslan Michtchenko, Director of Strategic Partnering and Investment: “We are very pleased to support the team and exciting science behind BIMINI Biotech and see this European investment as another milestone of our strategic expansion in such high-impact research areas as hematology.”
Linn Bäckegren-van Ingen, Investment manager IQC: “We are impressed by the dedication and expertise of the BIMINI team and look forward to seeing them take the next steps in this important journey. Therefore, we are excited to support BIMINI Biotech in their mission to improve outcomes for leukemia and lymphoma patients.“
Dr. Digvijay Gahtory, CEO of BIMINI Biotech: “We are excited to welcome this experienced group of investors and have the continued support of our existing shareholders that believe in the potential of our first-in-class WASp-modulators.”
Dr. Maurits van den Nieuwboer, COO BIMINI Biotech: “We have been talking to many clinicians and oncologists over these past years, and they all say the same: for aggressive leukemia and lymphoma subtypes, it is not a matter “if” patients relapse, but “when” patients relapse. As such there is still a dire need for novel therapeutic strategies. BIMINI Biotech can fill this gap. With this new investment round, we can really progress the development of our portfolio.”
ABOUT BIMINI Biotech
BIMINI Biotech is a preclinical stage company developing novel first-in-class small molecule therapeutics in oncology with a focus on lymphomas and leukemia, malignancies with a strong unmet need. The company was established in 2019 and is based in Leiden (The Netherlands).
ABOUT LEH
Libertatis Ergo Holding B.V. (LEH) is a lead seed investor in life science and health, wholly owned subsidiary of Leiden University which supports and invests in spinout companies associated with Leiden University’s activities.
ABOUT TPI
Torrey Pines Investment LLC is a San Diego, CA, venture company. Since 2002 it has been focused on investing in early to development stage breakthrough medicines. Its therapeutic interest spans from oncology, inflammation, virology, cardiovascular and metabolic to neuro and other therapeutic areas. In 2019 Torrey Pines expanded its early asset-based investment program in partnership with major VC funds. It is supported and managed by a global hybrid AI and hub-and-spoke R&D infrastructure-based accelerator Expert Systems. The accelerator rationally creates and maintains nimble companies with breakthrough ab initio program design and rigorously progresses their assets towards development stages, successful partnering, M&A or public financing.
ABOUT IQC
InnovationQuarter is the regional economic development agency for the Province of Zuid-Holland, also known as the greater Rotterdam – The Hague area. Their mission is to strengthen the regional economic structure by stimulating the innovation potential of this unique delta region. In close collaboration with all major corporations and many SME’s, educational and research institutes as well as government organizations, they align the efforts required to design a brighter tomorrow.
For more information on this topic, please contact:
BIMINI Biotech BV
Maurits van den Nieuwboer PhD
COO
Email: maurits.vandennieuwboer@biminibiotech.nl
https://biminibiotech.nl