VC firm emerges to boost Austrian biotech scene that’s ‘ready to break out’

When Christopher Trummer tried raising money for his molecular glue degrader startup, he struggled to find VC support in his native Austria. The company, Celeris Therapeutics, had to leap to the US to finally reel in the dollars it needed to find its footing.

Trummer recently left Celeris, now named Adhesion Therapeutics, to create a venture capital firm that he and partner Florian Schuster hope will help prevent similar scenarios for other biotech entrepreneurs in Austria and surrounding regions in Eastern Europe.

They’re raising €40 million (about $43 million) for Venga Ventures, the pair of general partners exclusively told Endpoints News.

“We have done life sciences now for centuries. We’re in fact very, very good at that,” Trummer said about Austria’s biomedical research community. But, he added, the local landscape could use a leg up. “Where we lack most,” he said, “is in terms of the translational…
Click here to view original post

Click Here to Publish/Feature Your Company or Product News with Biotech Networks