3rd round for Hormos Medical

Finnish drug discovery and development company, Hormos Medical has raised euro18.4 million in its third round of funding. Lead investors in the round include BankInvest of Denmark and H&B Capital of Sweden, which committed euro13.5 million. The remainder was raised by existing investors including Sitra and Bio Fund Management Oy, who helped to found the company in 1997.

Hormos Medical specialises in the tissue-specific regulation of steroid hormone effects and develops steroid hormonal therapies for age-related diseases, including osteoporosis, male urinary dysfunction and Alzheimer’s disease. The company already has two candidates in clinical phase II trials and two in clinical phase I.

BioVenture, the venture capital arm of the BankInvest Group, invests in unquoted biotechnology companies with the potential for global growth. The investment in Hormos Medical was made through BioVenture’s third fund, BI Biomedical Venture III.