novo ventures

NOVO
VENTURES
Novo Seeds
Novo Ventures
Large
Investments
Novo Finance
NOVO A/S
Novo A/S is a privately held company that is fully owned by the Novo Nordisk Foundation and is responsible for
managing the Foundation’s assets. As the holding company of the Novo Group, Novo is a major shareholder in the
publicly listed companies Novo Nordisk A/S and Novozymes A/S.
NOVO VENTURES
Novo Ventures is part of Novo A/S, which is the holding company of the Novo Group, and is wholly owned by the
Novo Nordisk Foundation. Novo Ventures’ investment activity is structured as an open evergreen fund within Novo A/S
and with the Novo Nordisk Foundation as the sole investor. This unique structure allows Novo Ventures to maintain a
long-term perspective without many of the restrictions that encumber traditional venture capital funds. Novo Ventures
invests for financial rather than strategic returns.
NOVO VENTURES
A UNIQUE
APPROACH TO
VENTURE
INVESTMENTS
SUCCESSFUL TRACK RECORD
Novo’s venture activities have produced a successful track record
and established Novo Ventures as one of the most active life
science venture capital investors in the world.
Since 2000, we have invested over USD 800 million in 87
companies and successfully exited 28 companies through trade
sales and IPOs. Our exits have produced positive financial results
and they have brought revolutionising products and technologies to market,
improving the lives of thousands of people around the world.
INVESTING UP TO USD 200 MILLION ANNUALLY
Our venture capital goes to both private and public life science companies whose
products or research address real medical, scientific or environmental needs. As
business investors, we also look for profit and growth potential.
We focus specifically on companies that specialise in the development of new
drugs, new procedures for the diagnosis and control of diseases, the development
of medical devices and instruments and industrial biotechnology. We may invest
at any stage of development including seed capital, venture capital, IPOs and
established public companies.
AN INTERNATIONAL PLATFORM
With activities in Copenhagen, San Francisco and London and an international network of commercial and scientific specialists we are geared to reach the major hubs
of life science. As a small team with short decision lines, we are quick to respond to
investment opportunities when they arise.
Our team also provides qualified on-site support to our portfolio companies by
leveraging experiences gained from our broad-based life science portfolio.
NOVO VENTURES 2013
ACCUMULATED NUMBER OF PORTFOLIO COMPANIES ( AS OF 31.12.12 )
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
Active
Exits: IPOs, Trade sales and liquidations
0
10
20
30
40
50
60
70
80
90
ACCUMULATED COST OF INVESTMENTS – DKK MILLIONS ( AS OF 31.12.12 )
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
Venture funds
Direct investments
0
500
1.000
1.500
2.000
2.500
3.000
3.500
4.000
4.500
55
45
45
35
35
25
25
15
15
5
5
-5
-5
20
00
20
01
20
02
20
03
20
04
20
05
20
06
20
07
20
08
20
09
20
10
20
11
20
12
55
Euro active portfolio
Euro exits and IPOs
20
00
20
01
20
02
20
03
20
04
20
05
20
06
20
0
20 7
08
20
09
20
10
20
11
20
12
DEVELOPMENT OF NOVO VENTURES’ INVESTMENTS
– BY NUMBER OF PORTFOLIO COMPANIES ( AS OF 31.12.12 )
North America active portfolio
North America exits and IPOs
5.000
NOVO VENTURES
Significant value can
be created through close
collaboration between skilled
life science investors and
dedicated entrepreneurs
– Søren Carlsen, Managing Partner, Novo Ventures
Active portfolio companies
in 2013 include 24 in North America
and 12 in Europe
Novo Ventures represented
THE VENTURE TEAM
DEDICATED
PROFESSIONALS
With activities in Copenhagen, San Francisco and London, Novo­
Ventures is positioned to reach the major global hubs of life
science. Our team provides qualified on-site support to our portfolio
companies by leveraging experiences gained from our broad-based
life science portfolio. Our team has wide-ranging expertise from the
pharmaceutical industry, biotech, banking and venture investing.
COPENHAGEN
Søren Carlsen
Managing Partner
Søren is the Managing Partner in Novo Ventures and established the team in 2000.
Prior to starting Novo Ventures, Søren was in the Novo Group for over 20 years.
He was the Corporate VP and Chief Scientific Officer of Novo Nordisk’s Enzyme
Business, known today as Novozymes A/S. He was the international head of
Research, Development, Pilot Plant and IP activities in Denmark, USA and Japan.
Søren also established Novozymes Biotech Inc. in Davis, California. Søren is the
Managing Partner of Novo Seeds, which he established in 2007. Novo Seeds invests
in early stage life science research companies in the Nordic countries. Søren is a cofounder of the Danish Biotech Association.
Thomas Dyrberg
Senior Partner
Thomas has been a Partner in Novo Ventures since 2000. Prior to joining Novo
Ventures, Thomas was in the Novo Group for over 20 years, having joined Novo
Nordisk A/S in 1990 working in Health Care Discovery on various aspects of diabetes
immunology and pathogenesis, and from 1996 in Health Care Clinical Drug Development. Thomas held research positions at the Hagedorn Research Institute, Denmark,
and at the Scripps Research Institute, La Jolla, California. Thomas obtained an MD
degree from the University of Copenhagen in 1981 and a DMSc degree, also from
the University of Copenhagen in 1986.
Kim Dueholm
Partner
Kim has been a Partner in Novo Ventures since 2000. Prior to joining Novo Ventures,
Kim spent five years with Novo Nordisk A/S in positions ranging from Patent
Portfolio Analyst to Principal Scientific Analyst. His international experience includes
research and venture fund experience in San Francisco, California and research
experience in Osaka, Japan. Kim is an intellectual property expert and holds a PhD
in organic chemistry from the University of Copenhagen and an MSc in chemistry/
business administration from Odense University.
Jack Bech Nielsen
Partner
Jack joined Novo Ventures in 2001. From 2006-2012, he was a Partner in Novo
Ventures (US) Inc. in San Francisco, California. Prior to joining Novo Ventures, Jack
was with the Novo group for over 10 years, holding various positions in the Novo
Nordisk business area which is known today as Novozymes A/S. Jack holds an MSc
and an MMT, Master in Management of Technology from the Technical University of
Denmark, DTU.
NOVO VENTURES
Heather Ludvigsen
Venture Auditor
Heather joined Novo Ventures in 2003. She is responsible for controlling the venture
investments from a financial and administrative perspective. Prior to joining Novo
Ventures, Heather was with Brown Brothers Harriman & Co., as head of the European
Internal Audit function based in Luxembourg and as the Investment Management Business Line Controller based in New York. Prior to this, Heather was an Audit Manager
and a CPA with PricewaterhouseCoopers in both Luxembourg and Boston, Massachusetts. Heather holds a BS in Accounting and a BA in Business Administration from the
University of Kansas.
Lone Penby
Venture Coordinator
Lone joined Novo Ventures in 2009. She is responsible for the coordination of the
overall venture activities, including the Novo BioSummit. Prior to joining Novo
Ventures, Lone was the Coordinator in Novo Seeds from when it was established in
2007 to 2009. Lone was educated in the banking sector, and has more than 25 years
of experience in various administrative positions in the Novo Group, including responsibility for managing projects and budgets as well as the coordination of international
meetings.
LONDON
Martin Edwards
Senior Partner
Martin joined Novo Ventures in 2003. Prior to joining Novo Ventures, Martin was
the CEO of ReNeuron Holdings, taking the company public in 2000. Previously,
Martin was with the Novo group for 15 years as Corporate VP and Head of Drug
Development for Novo Nordisk A/S, VP of Pharmacology and Medical Affairs at
ZymoGenetics Inc. in Seattle, Washington and as Senior VP for Medical Affairs at
Novo Nordisk in Princeton, New Jersey. Martin holds UK degrees in Physiology,
Medicine and Business.
THE VENTURE TEAM
SAN FRANSISCO
Scott A. Beardsley
Partner
Scott joined Novo Ventures (US) Inc. in San Francisco, California in 2012. From 20092012, Scott was a member of Novo A/S’ Growth Equity team. Prior to joining Novo
A/S he was a Managing Director at JP Morgan in San Francisco, heading JPM’s West
Coast bio­pharmaceuticals effort. Previously, Scott led Piper Jaffray’s US biopharmaceuticals investment banking practice and was a member of the Health Care Group at
Montgomery Securities. During his tenure as an investment banker, Scott originated
and executed numerous transactions. Scott holds an MBA from UCLA’s Anderson
Graduate School of Management and a BS from Colorado State University.
Peter Bisgaard
Partner
Peter joined Novo Ventures in 2001 and has been with Novo Ventures (US) Inc. in
San Francisco, California since 2009. Prior to joining Novo Ventures, Peter was with
McKinsey & Co. as a general consultant and as a specialist within the Scandinavian
Corporate Finance and Strategy Group. Peter obtained an MSc in Engineering in
1998 from the Technical University of Denmark and was awarded a post graduate
degree in Mathematical Modelling in Economics by the European Consortium for
Mathematics in the Industry.
Heath Lukatch
Partner
Heath joined Novo Ventures (US) Inc. in San Francisco, California in 2006. Prior to
this, Heath was a Managing Director for Piper Jaffray Ventures and SightLine Partners,
and a bench scientist at Cetus, Chiron and Roche Bioscience. Previously, he was at
McKinsey & Co. focused on strategy consulting for biopharmaceutical companies.
Heath also brings entrepreneurial experience from his role as founder and CEO of
AutoMate Scientific Inc. a biotechnology instrumentation company. Heath holds a PhD
in neuroscience from Stanford University and a BA in biochemistry from the University
of California at Berkley.
Peter Moldt
Partner
Peter joined Novo A/S in 2009 and has been with Novo Ventures (US) Inc. in San
Francisco, California since 2012. Prior to joining Novo Ventures, Peter founded
Curalogic A/S in 2004, took the company public in 2006 and served as CEO until
2009. He previously was the Chief Operating Officer at 7TM Pharma, which he
also co-founded. He also worked for NeuroSearch, where he was responsible for
drug development. Peter holds a PhD in medicinal chemistry from the Royal Danish
School of Pharmacy and was a post doc in the laboratory of Stuart L. Schreiber at
Yale University’s department of organic chemistry.
Tiba Aynechi
Principal
Tiba joined Novo Ventures (US) Inc. in San Francisco, California in 2010. Prior to
this, Tiba was a Director with Burrill & Company where she completed regional and
cross-border M&A, licensing, and financing transactions for biotech and large pharmaceutical companies. Tiba received her PhD from the Graduate Group in Biophysics
at the University of California, San Francisco where her research involved developing
computational methods for drug discovery. She has an undergraduate degree in
physics from the University of California, Irvine.
Cory Freedland
Principal
Cory joined Novo Ventures (US) Inc., in San Francisco, California in 2013. Prior to
this, Cory was a Vice President in Morgan Stanley’s healthcare investment banking
practice where he executed strategic and financing transactions for biopharmaceutical and medical technology companies. Cory also spent five years with Roche Palo
Alto focused on novel target discovery for central nervous system diseases. Cory
received a PhD in Pharmacology from Wake Forest University School of Medicine, an
MBA from the Kellogg School of Management and a BA from Connecticut College.
Nicole Zilveti
Office Manager
Nicole joined Novo Ventures (US) Inc. in San Francisco, California in 2007. She is
responsible for managing the operations and administration of the San Francisco
office of Novo Ventures (US) Inc. and coordinating the overall venture activities
including all meetings and conferences held in San Francisco. Prior to joining Novo
Ventures (US) Inc., Nicole held various positions in event planning. Nicole holds a
Bachelor of Science degree in Business Administration with an emphasis on Consumer Marketing.
Novo Ventures (US) Inc. is a separate legal entity that provides certain consultancy services to Novo A/S, mainly within the
areas of identifying, analysing and negotiating various investment opportunities among life science and biotech companies
in the US as well as certain follow-up activities related thereto, such as board memberships, financial control and reporting
efforts.
ACTIVE PORTFOLIO COMPANIES
PRIVATE COMPANIES
TM
Acacia Pharma
is focused on the development of a repurposed
molecule for the prevention and treatment of
nausea and vomiting following surgery and
chemotherapy. Its lead programme is in phase 3
clinical development. The company is located in
Harston, Cambridge, UK.
Apollo Endosurgery
is a medical device company dedicated to flexible
surgery and has launched OverStitchTM, an endoscopic suturing device. The company is located in
Austin, TX, USA.
Akebia Therapeutics
develops inhibitors of prolyl-hydroxylases for the
treatment of anemia in patients with chronic
kidney disease. Its lead compound is in phase 2
clinical development for the treatment of chronic
anemia. The company is located in Cincinnati, OH,
USA.
Asante Solutions
has developed an easy-to-use, disposable insulin
pump that is both affordable and reliable. The
pump is 510(k) approved in the US and CE marked
in Europe. The company is in launch phase. The
company is located in Sunnyvale, CA, USA.
Alder Biopharmaceuticals
develops novel antibody therapeutics to treat various diseases. Its lead programme is in phase 2 clinical development for the treatment of rheumatoid
arthritis and other inflammatory diseases and is
partnered with Bristol-Myers Squibb. The company
is located in South Bothell, WA, USA.
Cardeas Pharma Inc.
develops a treatment for pneumonia in patients
in intensive care units. Its lead product is in phase
2 clinical development. The company is located in
Seattle, WA, USA.
Alios BioPharma
develops novel treatments against viral diseases.
Its lead programme is in phase 2 clinical development targeting HCV polymerase and is partnered
with Vertex. The company is located in South San
Francisco, CA, USA.
Ceterix Orthopaedics
develops novel surgical tools for arthroscopic
procedures. This technology has applications in
numerous arthroscopic procedures in knees, hips
and shoulders. The company is located in Menlo
Park, CA, USA.
Allakos
develops monoclonal antibody-based therapies
to target eosinophils and mast cells. Its lead
programme is in pre-clinical development. The
company is located in San Carlos, CA, USA.
Cianna Medical
is a medical device company that manufactures
and markets the SAVI breast brachytherapy applicator, for the delivery of radiation after lumpectomy
surgery. The company is located in Aliso Viejo, CA,
USA.
AlloCure
develops adult stem cell therapies. The lead
programme is in phase 2 clinical development
in acute renal failure. The company is located in
Burlington, MA and Salt Lake City, UT, USA.
Delenex Therapeutics
develops therapeutic antibody fragments being
designed for local/topical use. The company is
located in Zürich, Switzerland.
AnaptysBio
is an antibody therapeutics company and emerging
leader in antibody discovery and optimisation. The
company is located in San Diego, CA, USA.
Epsilon-3 Bio
develops compounds targeting the removal
of cellular debris in chronic inflammatory and
autoimmune disorders. The lead compound
is in pre-clinical development. The company
is located in Duxford, Cambridgeshire, UK.
ACTIVE PORTFOLIO COMPANIES
PRIVATE COMPANIES
Flexion Therapeutics
discovers and develops a pipeline of sustained
release drugs for intra-articular injection to treat
osteoarthritis. Its lead programmes are in phase 2
clinical development. The company is located in
Woburn, MA, USA.
ObsEva
is dedicated to the development of innovative
drugs for women’s reproductive medicine. Its
lead project is in phase 2 clinical development for
the treatment of preterm labour. The company is
located in Geneva, Switzerland.
HTG Molecular Diagnostics
develops and sells assays for quantification of gene
expression. The assays are used for clinical diagnostics and in research. The company is located in
Tucson, AZ, USA.
Ophthotech
is focused on developing improved therapies for
wet age-related macular degeneration. Its lead
compound is in phase 3 clinical development. The
company is located in Princeton, NJ, USA.
Inogen
is developing, manufacturing and marketing
lightweight, portable oxygen therapy devices to
improve quality of life and increase mobility for patients with chronic obstructive pulmonary disease.
The company is located in Goleta, California, USA.
Orphazyme
develops novel therapeutics for the treatment of
lysosomal storage diseases. Its lead programme is
in pre-clinical development. The company is located
in Copenhagen, Denmark.
KalVista Pharmaceuticals
develops plasma kallikrein inhibitors for the
treatment of diabetic macular oedema. Its lead
programme is in pre-clinical development. The
company is located in Porton Down, Wiltshire, UK.
Otonomy
develops novel drug therapies for disorders of the
inner and middle ear. Its lead candidate is ready to
enter phase 2 clinical development for the treatment of Ménière’s disease. The company is located
in San Diego, CA, USA.
Karus Therapeutics
develops innovative therapies for the treatment
of inflammation and cancer. Its lead programmes
are in pre-clinical development and focus on
histone deacetylase and phosphoinositide 3-kinase
inhibitors. The company is located in Abingdon,
Oxfordshire, UK.
ProteinSimple
develops instrumentation systems, software and assay products targeting protein research, biomarker
discovery and personalised medicine. The company
is located in Santa Clara, CA, USA.
NeRRe Therapeutics
is based on clinical stage NK1 receptor antagonists.
Its lead project will enter phase 2 clinical development in 2013 for the treatment of an undisclosed
orphan disease. The company is located in Stevenage, Hertfordshire, UK.
Reata Pharmaceuticals
develops new drugs for the treatment of inflammatory diseases and oncology. The company is
located in Irving, TX, USA.
Nevro
is a medical device company developing an
implantable spinal cord stimulator for the treatment of chronic leg and back pain. Nevro’s device,
Senza®, is launched in the EU and Australia. The
company is located in Menlo Park, CA, USA.
Santaris Pharma
is in clinical development of RNA antagonist drugs
against metabolic disorders and viral disease. Its
lead programme is in phase 2 clinical development
for the treatment of hepatitis C. The company is
located in Hoersholm, Denmark.

T BIRA
T H E R A P E U T I C S
PRIVATE COMPANIES
PUBLIC COMPANIES
Tarsa Therapeutics
develops an oral calcitonin for the treatment of
osteoporosis and has announced positive phase 3
data. The company is located in Philadelphia, PA,
USA.
Biotie Therapies
is focused on the development of drugs for
neurodegenerative and psychiatric disorders.
The company is located in Turku, Finland.
Thesan Pharmaceuticals
develops novel treatments of dermatological disorders. Its lead project is in pre-clinical development.
The company is located in San Clemente, CA, USA.
PTC Therapeutics
discovers and develops small molecule drugs that
modulate gene expression. Its lead programmes
are in phase 3 clinical development for the treatment of Duchenne muscular dystrophy and cystic
fibrosis. The company is located in South Plainfield,
NJ, USA.
Tobira Therapeutics
develops products for the treatment of HIV and
immune diseases. The lead compound, a CCR5
antagonist for the treatment of HIV infection, is
in phase 2b clinical development. The company is
located in South San Francisco, CA, USA.
Veloxis Pharmaceuticals
has a new and improved once-daily tacrolimus
product in the regulatory stage. The company is
located in Hoersholm, Denmark and Edison, NJ,
USA.
Vantia Therapeutics
develops small molecule agonists of vasopressin receptors. Its lead asset is in phase 2 clinical development for the treatment of nocturia. The company is
located in Southampton, Hampshire, UK.
Xenon Pharmaceuticals
is a genetics based drug development company.
Its lead compound is in clinical development for
the treatment of pain. The company is located in
Burnaby, BC, Canada.
For further information
on the portfolio:
SELECTED EXITS
ActivX Biosciences was acquired by Kyorin
Pharmaceutical in 2004.
InSound Medical was acquired by Sonova Holding
in 2010.
Amira Pharmaceuticals was acquired by
Bristol-Myers Squibb in 2011.
NeoMend was acquired by C. R. Bard in 2012.
Arakis was acquired by Sosei Co. in 2005.
Neurodan was acquired by Otto Bock in 2005.
Arpida went public in 2007.
Novexel was acquired by AstraZeneca in 2010.
BioMimetic was acquired by Wright Medical Group
in 2012.
Panacos Pharmaceuticals went public in 2007.
Cabrellis Pharmaceuticals was acquired by
Pharmion in 2006.
Protein Forest was acquired by ProteinSimple in
2009.
Combio was acquired by Arpida in 2004.
Salmedix was acquired by Cephalon in 2005.
Conforma Therapeutics was acquired by Biogen
Idec in 2006.
Sapphire Therapeutics was acquired by Helsinn
Healthcare in 2009.
COMBIO
Sapphire Therapeutics, Inc.
1031 US Highway 22, Suite 303
Bridgewater, NJ 08807
908-203-xxxx office
908-231-1459 fax
sa p p h i r e t h e r a . c o m
Sapphire logo, monochrome gradient (PMS 072U / 2935U?)
Corus Pharma was acquired by Gilead Sciences in
2006.
Sosei Co. acquired Arakis in 2005.
Elevation Pharmaceuticals was acquired by
Sunovion Pharmaceuticals in 2012.
Synosia Therapeutics was acquired by Biotie
Therapies in 2011.
FoldRx Pharmaceuticals was acquired by Pfizer
in 2010.
Thiakis was acquired by Wyeth Pharmaceuticals
in 2008.
Funxional Therapeutics sold its lead asset to
Boehringer Ingelheim in 2012 and a distribution
was made to shareholders.
ZymoGenetics was acquired by Bristol-Myers
Squibb in 2010.
Gloucester Pharmaceuticals was acquired by
Celgene in 2010.
Sapphire Therapeutics, Inc.
1031 US Highway 22, Suite 303
Bridgewater, NJ 08807
908-203-xxxx office
908-231-1459 fax
sa p p h i r e t h e r a . c o m
Sapphire logo, monochrome solid (PMS 072U / 2935U?)
Sapphire Therapeutics, Inc.
1031 US Highway 22, Suite 303
Bridgewater, NJ 08807
908-203-xxxx office
908-231-1459 fax
sa p p h i r e t h e r a . c o m
Sapphire logo, B&W grayscale (PMS 072U / 2935U?)
Sapphire Therapeutics, Inc.
1031 US Highway 22, Suite 303
Bridgewater, NJ 08807
908-203-xxxx office
908-231-1459 fax
sa p p h i r e t h e r a . c o m
Sapphire logo, B&W solid (PMS 072U / 2935U?)
– Søren Carlsen, Managing Partner, Novo Ventures.
Novo A/S
Tuborg Havnevej 19
DK-2900 Hellerup
Tel. +45 3527 6500
www.novo.dk
Visiting address in the USA:
Novo Ventures (US) Inc.
1700 Owens Street, Suite 540
San Francisco
CA 94158, USA
Tel. +1 (415) 552 6686
September 2013
visualization.dk
Investing in life
science
for the future