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Bioprocess Capital Ventures Fund Sales Ivix to Ovoca Bio PLC, an Irish Pharmaceutical Company

13.05.2020

The Bioprocess Capital Ventures Fund, created with RVC capital participation, withdrew from Ivix and sold its stake in the project to the Irish biopharmaceutical company Ovoca Bio PLC for $5 million. Previously, Ovoca Bio PLC invested in the second round of project investment.

The Ivix Company, established in mid-2012, specializes in the development of an innovative medication based on the signal peptide BP101 — a modulator of disorders of the limbic-reticular complex to stimulate female reproductive function. The peptides' uniqueness is about their specific effect on the central nervous system, and are also close to similar peptides produced in the human body, which makes their use as safe as possible. The medicine was based on innovative ideas of scientists from one of the leading Russian scientific centers — the Institute of Molecular Genetics of the Russian Academy of Sciences.

Ivix received some investments from Bioprocess Capital Ventures in 2013. In March 2019, the team completed the III stage of clinical trials of the medicine. In September 2019, it applied to the Ministry of Health of the Russian Federation for permission to bring the medication to the market. It is expected that Ivix for reproductive health can go on sale by the end of 2020 once approval is obtained.

“During being in the fund portfolio, the Ivix team completed all stages of the clinical trials and prepared the medication for entering the market. An innovative medicine for reproductive dysfunctions will be in demand not only in Russia — the company already has some international patents and plans to implement clinical trials in the EU and the USA. Partnership with the Irish company Ovoca Bio PLC will accelerate the international expansion of the product,” said Aleksey Basov, Deputy CEO and Investment Director of RVC.

“An innovative medicine for the treatment of disorders of reproductive dysfunctions from Ivix is the first in our portfolio to receive a registration certificate from the Ministry of Health of the Russian Federation and the first to enter the market. Its prospects in the world market are up-and-coming: the drug's safety profile and effectiveness are superior to those of competitors, of which there are only two on the market today. We are very pleased that, with the help of the Bioprocess Capital Ventures Fund's investments, such a promising new medicine was created,” explained Vladimir Tezov, Director of the Bioprocess Capital Partners Management Company.



Information

RVC is a governmental fund of funds, the Institute of Development of the Russian Federation. The main objectives of RVC to stimulate the creation of Russia's venture capital industry and to execute the Project Office of the National Technology Initiative (NTI) functions. The authorized capital of RVC is more than 30 billion roubles. One hundred percent of the RVC capital belongs to the Russian Federation. It is represented by the Federal Agency for Management of State Property of the Russian Federation (Federal Property Management Agency). The total number of funds formed by RVC has reached 29. Their overall size is 64.4 billion rubles. The share of RVC is 38 billion rubles. Funds with capital participation of RVC JSC invested more than 290 portfolio companies for a total of 23 billion rubles.

Bioprocess Capital Ventures is a venture fund created with RVC capital and managed by the Bioprocess Capital Partners Investment Fund, which invests exclusively in innovative projects that develop new products and technologies in the field of biotechnology, fine chemicals, and telecommunications. The choice of priority areas for investment is determined by the UK BKP management team's competence, which has extensive experience in these areas.
http://www.bcvf.ru/

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