Luxembourg-based biotechnology company Creabilis Therapeutics secured €15m ($20m) on Tuesday in a series B round led by Abbott Biotech Ventures, the corporate venturing unit for healthcare company Abbott Laboratories.
Abbott was joined by investment firm Neomed, venture capital firm Sofinnova Partners and unnamed private investors. Sofinnova and Neomed previously backed Creabilis’ €20m series A round in June 2008.
Eliot Forster, chief executive officer of Creabilis, said: "This new funding reflects the medical importance and significant commercial potential of our drugs pipeline. In Abbott Biotech Ventures, we have added another leading life science investor into the Company. Their involvement, and the ongoing support of our existing investors, demonstrates their confidence in the company and in our ability to drive our projects forward."
Creabilis plans to use the cash to fund the development of its lead product, a treatment for skin diseases which is currently undergoing clinical trials. Creabilis also has treatments for inflammatory and autoimmune conditions in early stages of development.