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The funding allows the company to broaden its range of services and finance its move to new laboratory facilities in the Illkirch-Graffenstaden innovation park in northeast France.
Inoviem Scientific, a contract research biotech organization, secured funding of €650,000 (approximately $693,000) from Cap Innov’Est, the French public investment bank Bpifrance, and its own banks, as well as a €100,0000 (approximately $107,000) grant from Strasbourg Eurométropole, the company announced in an April 18, 2017 press release. These funds, in addition to that received in 2015, will help support the company’s growth.
The company has already invested part of the funding in fitting out six laboratories to expand and enhance the range of services offered. After receiving an ISO 9000:2015 certification in September 2016, Inoviem moved to the Bioparc 3 building on the Illkirch-Graffenstaden innovation park, south of Strasbourg, France. The new laboratory facilities have a surface area of 560 m², which is five times larger than its former premises.
Inoviem Scientific provides information on drug-target interaction to support decision-making along the value chain from drug discovery to post-marketing, including the pre-clinical and clinical stages of development. Today, one of the main barriers in drug discovery and development is its high attrition rate, largely owing to a lack of efficacy and unexpected side effects. Whilst conventional technologies fail to take into account the natural environment in which molecular interactions occur, Inoviem’s approach is to reconnect technical analysis with physiological complexity. The company’s label-free technologies, NPOT and PIMS, work on human tissue in clinical conditions.
Inoviem Scientific plans to offer a new range of services related to the NPOT technology to strengthen its position as a partner to the pharmaceutical industry worldwide, and will use part of the funding to develop its sales activities outside Europe.
“The confidence our partners have shown in our plans represents a real development opportunity for Inoviem Scientific. Our business continues to grow and we plan soon to hire four new staff members,” said Pierre Eftekhari, president and founder of Inoviem Scientific, in the press release. “Inoviem is dedicated to predicting mechanism of action, efficacy and toxicity, and performing biomarker identification, to better manage the risks and speed up the development of compounds with benefits for public health.”
Source: Inoviem Scientific