Munich – Orrick advised longstanding client NEO New Oncology AG, a Cologne-based cancer diagnostics company, on its Series D financing round. Existing shareholders as well as new national and international investors participated, with a total investment of approximately €5 million.
“I am pleased by the strong interest that NEO New Oncology AG has received from the investment community,” said Dr. Andreas Jenne, CEO of NEO New Oncology AG. “Together with the proceeds from the first closing earlier this year, the funds will help us to make NEOliquid, a genomic diagnostics test that identifies all therapeutically actionable genome alterations from a simple blood sample, available to patients even faster.”
NEO New Oncology AG’s proprietary pan-cancer diagnostic platform ‘NEO’ empowers physicians to select the optimal targeted therapy for their patients, including participation in suitable clinical trials. NEO reliably detects actionable genetic alterations with short turnaround times in routine clinical specimens such as paraffin embedded tissue, cytology or blood. In contrast to conventional testing, NEO identifies all types of therapeutically relevant alterations, i.e. point mutations, amplifications, insertions/deletions, as well as novel and selected known translocations, from one single patient sample. NEO New Oncology AG works with a board of renowned cancer experts who help translate the latest targeted therapy findings into optimized patient care.
Orrick’s leading global Technology Companies Group advises companies at every stage of their development, helping clients make the journey from start-up to market leader. Orrick’s team in Munich advises a large variety of company founders and high-growth companies, as well as renowned investors, from incorporation through financing and business expansion right up to exit.
The Munich-based Orrick team was led by counsel Thomas Strassner and included associates Ernesto Rizzuto and Nicolas Mähner.