DIREVO Announces Sale of its Subsidiary DIREVO Industrial Biotechnology GmbH and Series A Financing

Tuesday, 16. September 2008 08:58
Cologne (Germany), September 16, 2008 - DIREVO Biotech AG announced
today the sale of its fully owned subsidiary DIREVO Industrial
Biotechnology GmbH that was incorporated recently for an undisclosed
cash amount to a group of investors. In addition, the new company
completed a EUR 8 million financing in the form of Series A Preferred
Stock. The participating institutions included Bankhaus Wölbern
(Hamburg) and NRW Bank (Düsseldorf) as lead investors, TVM-Capital
(Munich), Danisco A/S (Copenhagen), a Sparkasse KölnBonn (Cologne)
affiliated private equity firm, Signet Healthcare (New York),
Mulligan BioCapital (Hamburg), several private investors, including
Nobel laureate Prof. Dr. Manfred Eigen, and management.

The company received from its parent company DIREVO Biotech AG, which
was recently acquired by Bayer HealthCare AG, exclusive access to the
DIREVO technology platform for all markets and applications outside
the field of biopharmaceuticals development and has the rights to
duplicate the DIREVO technology platform and for its application in
its field of business. The Company currently has a total of 17 full
time employees and receives administrative and technical services
from the parent company until successful build up of its own
capabilities which is expected to be completed within a year from
now.

"This is part of the overall company strategy towards maximizing the
value of DIREVO's technologies and capabilities", said Dr. Thomas von
Rüden, CEO of DIREVO Biotech AG.

"Having dedicated investors to the IBT business and having closed our
series A financing will enable DIREVO Industrial Biotechnology GmbH
to rapidly build-up our own capabilities in protein engineering and
strain optimization", Anindya Mukherjee, Managing Director of IBT
GmbH, added.

"Following the tremendous success story with the DIREVO Biotech AG
acquisition by Bayer HealthCare AG, we are now looking forward to
building a leading Industrial Biotechnology company", concluded Prof.
Dr. Heinrich Schulte, speaking for the group of investors.

-end-


DIREVO Industrial Biotechnology GmbH

DIREVO Industrial Biotechnology GmbH was formed as a spin-out from
DIREVO's industrial biotechnology business unit and AC Biotec GmbH.

The company focuses on Food & Feed and Biorefinery markets and
provides solutions through discovery, development and scale up of
enzymes and strains. It develops products both independently and with
global leaders such as Danisco/Genencor and Nestlé. For example, a
collaboration with Danisco A/S has yielded a significantly improved
enzyme which is marketed as part of a Danisco/Genencor product.

The company is lead by Mr. Anindya Mukherjee, who joined DIREVO from
DSM in the year 2007, and Dr. Hans-Günter Brünker, who joined DIREVO
coming from amaxa AG beginning of the year 2008. Additional members
of the senior management team are Dr. Henrik Moellgaard as Head of
R&D, joining from Christian Hansen in 2007, and Dr. Simon Curvers
Managing Director of AC Biotec GmbH that was acquired in 2007.

DIREVO Industrial Biotechnology GmbH is privately held and located in
Cologne, Germany. Additional information is available at:
www.direvo.com

About Bankhaus Wölbern
The Wölbern Group initiates private equity investments via fund
solutions of the issuing house Wölbern Invest AG and direct
investments via Wölbern EquityPartner AG, 100%-subsidiary of Bankhaus
Wölbern. The inducement of the investments within the frame of fund
solutions is Prof. Dr. Heinrich Maria Schulte, Wölbern-Owner, medic
and entrepreneur. The investor and co-founder of successful
biotechnology companies is setting new investment trends with
investments in new industries as well as in classical buyouts.

About NRW.Bank
As the state development bank of North Rhine-Westphalia, NRW.BANK has
implemented a wide range of financial development tools. Promoting
technology and innovation is one of the main tasks of NRW.BANK. The
NRW.BANK.Venture Fonds with a total volume of EUR 40 million is able
to provide equity financing for early stage companies. Financing for
technology-oriented companies in the seed phase is offered by the
NRW.BANK.Seed Fonds. Mid cap companies with strong growth potential
benefit from the NRW.BANK.Mittelstandsfonds, which invests equity
capital up to 7 million. With total assets of approximately EUR 150
billion, NRW.BANK is the largest institution among Germany's regional
development banks. More information: www.nrwbank.de.

About TVM Capital Life Sciences
The TVM Capital Life Sciences Practice with ¤820 million ($1.26B USD)
under management is one of the largest venture and growth investors
in biotechnology and pharmaceuticals in Europe and the US, with a
growing presence in Asia and the Middle. Twenty years of successful
investing and value creation, in traditional early and late-stage
venture as well as venture growth and growth capital, makes the TVM
Capital Life Science Practice a unique partner for the needs of the
biotechnology and pharmaceutical industry. Founded in 1983, TVM
Capital is headquartered in Munich with offices in Boston and New
York. More information: www.tvm-capital.com.

About Danisco A/S
With a rich and innovative portfolio, Danisco is a world leader in
food ingredients, enzymes and bio-based solutions. Using nature's own
materials, science and the knowledge of our 9,500 people, we design
and deliver bio-based ingredients that meet market demand for
healthier and safer products. Danisco's ingredients are used globally
in a wide range of industries - from bakery, dairy and beverages to
animal feed, laundry detergents and bioethanol - offering functional,
economic and environmental benefits. Headquartered in Denmark and
operating from more than 120 locations, Danisco's key focus is to
become our customers' First choice and a truly market-driven global
business. In addition, we have one of the most efficient sugar
production platforms in Europe. Find out more at www.danisco.com.

About Sparkasse KölnBonn
Sparkasse KölnBonn is the largest communal savings bank under public
law in Germany. Besides a full range of banking services to retail
and corporate customers they also offer equity solutions: Private
equity and Mezzanine for established midsize companies and venture
capital for innovative high-growth companies. The venture capital
investments of Sparkasse KoelnBonn are always realized together with
other investors well versed in the particular industry and are
concentrated on the area around the two cities Cologne and Bonn.
Biocampus Cologne, one of the major biotechnology parks in Germany,
where DIREVO is located, is also part of their portfolio.

About Signet Healthcare Partners
Signet Healthcare Partners was founded in 1998 with the establishment
of the Corporate Opportunities Funds. Since 1998, we have organized
three funds and completed investments in approximately 27 companies.
The team is comprised of five professionals with principal offices in
New York City. This team brings over 100 years experience of
collective healthcare experience in the specialty pharmaceutical,
medical device, private equity and investment banking businesses.
For the past nine years, Signet Healthcare has maintained its
dedicated focus to diversified healthcare investments - primarily
serving as lead investor to expansion stage companies engaged in
specialty pharmaceuticals, medical devices and the pharma services
industries.

Contact:
DIREVO Biotech AG
Dr. Thomas von Rüden
President & Chief Executive Officer
Telephone: + 49 221 8887-121
E-mail: info@direvo.com
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Author:
Hugin
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