The transaction has been carried out through Inveready's Equity and Debt funds.
Inveready, Spain's leading venture capital firm, has made a €4.5 million investment in Devon Labs through its Inveready Biotech III and Inveready Venture Finance III funds.
The investment will drive the company's growth at a national level through the expansion of the commercial area, and the acquisition and launch of new products in the areas of oncology, pain and central nervous system (CNS). To complement its drug and medical device offerings, Devon Labs is developing a series of digital telemedicine/support tools to provide support to patients and caregivers, complementing conventional pharmacological treatment.
Devon Labs' strategy is focused on developing solutions for physicians, patients and their caregivers using appropriate medical technology, medicines and patient and caregiver support programmes in the therapeutic areas of oncology, pain and CNS. The management team has a long track record in the pharmaceutical industry, both nationally and internationally, and has extensive experience in early stage corporate and business development.
With this investment, Devon Labs aims to complement the existing commercial network and meet the objectives set out in the business plan.
According to Gabriel Pérez Cuevas, CEO and Founder of Devon Labs: "The start-up of Devon Labs has been incredibly stimulating and motivating. Having an experienced investor like Inveready will allow us to undertake this second phase of growth that we are now starting with the necessary resources and experience. In the next five years we want to make Devon Labs a benchmark pharmaceutical company in its market with a clear impact on the quality of life of patients and the healthcare system.
"Inveready has seen an opportunity in Devon Labs because of the highly specialised portfolio of pharmaceuticals and medical devices in niche markets which, together with the extensive experience of the management team and the quality of the company's commercialisation agreements, generates a high expectation for the investment. The hybrid financial structure of venture debt and equity allows the founding team a lower dilution, providing the company with the necessary resources for its growth and optimising the returns on investment" says Maria Poveda, Associate at Inveready.