Spain
February 26, 2015
CRB Inverbío has led a €3 million investment in Iden Biotechnology through its CRB Bio II FCR fund, along with the public company SODENA that contributes with an additional €1 million. The total round, which amounts to €4 million euro, will allow the company to extend its R&D facilities and staff in Navarra, and to strengthen its R&D development programs for crop improvement and agrobiological product.
CRB Bio II fund becomes the main shareholder in the company and together with the funding team, INFARCO (Cinfa’s parent company), the Spanish National Research council (CSIC) and SODENA, creates a stable shareholding base for IDEN.
Iden was founded in 2005 by members of the research group of Carbohydrate Metabolism of the Agrobiotechnology Institute of Navarra (IdaB), a joint center between the Public University of Navarra (UPNA), the CSIC, and the Government of Navarra. Iden focuses on two main areas: i) the identification and development of vegetal genes with agronomic value for the improvement of crop yield and quality, and, ii) the development of biological compounds that, , provide higher yield and resistance and when
applied to the crops, thus reducing the use of agrochemical products.
The Company has been very active internationally and has reached several licensing and codevelopment agreements of its technology with companies in USA, South America and India, among others. It is also working alongside prospective investors to strengthen the capital structure and accelerate the execution of the Company’s business plan.
Nora Alonso, founder and Managing Director of the company, stressed that “the incorporation of two investors with the experience and capacity of CRB Inverbío and Sodena, grants the company the financial resources and management capacities for the execution of an ambitious plan for the next three years”.
Angel Santos, partner of CRB Inverbío and new Chairman of the Board ensures that “this round reinforces our commitment with Iden and its sound portfolio and outstanding leadership potential in a sector that has great value creation opportunities and that is already attracting high interest from financial and industrial investors, worldwide.
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