SMP advises early-stage investor 42CAP on investment in Allcyte
Berlin — SMP advised early-stage investor 42CAP on its investment in Viennese biotech startup Allcyte. As lead investor of an international investor consortium, 42CAP invested together with Air Street Capital (UK), Amino Collective (Germany), VP Venture Partners (Switzerland) and PUSH Ventures (Austria) in the course of the growth financing.
Allcyte, which specializes in cancer therapy, has so far used its process to treat blood cancers. However, according to the company, expansion to other cancer types is already planned. “Instead of trying to extrapolate information from DNA, we’re taking actual cancer cells and testing directly on them to see what works,” Nikolas Krall, co-founder and CEO of Allcyte, told U.S. Fortune magazine. For the multitude of rapidly performed “microexperiments,” the startup uses AI image recognition to determine how cells respond to each drug.
“It is fascinating to see how already today in modern cancer therapy the use of artificial intelligence in interaction with biomedicine can help to directly determine and in this way maximize the degree of efficacy of different treatments and to specifically advance drug development,” says Jens Kretzschmann. “We hope that this investment has laid the foundation for further revolutionary successes of the company in the fight against cancer,” adds Frederik Gärtner.
42CAP received legal and tax advice from an SMP team led by Frederik Gärtner, Jens Kretzschmann, and Martyna Sabat. Previously, SMP assisted the venture capitalist in a number of financing rounds as well as in the launch of its second venture capital fund generation.
42CAP investors Alex Meyer and Thomas Wilke invest very early in young companies with global ambitions. They built one of Europe’s largest SaaS companies themselves with eCircle and sold the profitable company to Teradata (NYSE:TDC) in 2012. The 42CAP credo Peers amongst Entrepreneurs reflects their investment approach to support data and technology-driven business models, product-driven founders and sustainable business development. This background is appreciated by founders such as Nicolas Reboud (SHINE, Paris), Inigo Ijuantegui (Ontruck, Madrid) and Alexander Igelsböck (Adverity, Vienna).
Allcyte is a biotech startup based in Vienna. Using AI-assisted image analysis, Allcyte has developed a method to generate actionable insights into the functional activity of drugs and drug candidates directly in viable, primary tissue samples from human cancer patients at the single-cell level. The company thus enables physicians to treat cancer patients with the most promising drug at the right time, when classical genetics-driven precision medicine fails to provide precise answers. It also enables pharmaceutical companies to select the most promising drug candidates for clinical development in the right patient populations to maximize clinical trial success rates and patient benefit. Allcyte started in 2017 as a spin-off of the Vienna-based CeMM Research Center for Molecular Medicine. Founded by Berend Snijder, Gregory Vladimer, Nikolaus Krall and Giulio Superti-Furga, the company currently employs around 30 people.
SMP is a specialist tax and commercial law firm operating in the core areas of corporate, funds, litigation, tax and transactions. SMP’s attorneys and tax advisors represent a wide variety of clients. These include emerging technology companies and family-run medium-sized enterprises as well as corporations and private equity/venture capital funds. Since its foundation in 2017, SMP has become one of the leading addresses for venture capital, private equity and fund structuring in Germany. The firm and its partners are nationally and internationally ranked by JUVE, Best Lawyers, Legal 500, Focus, and Chambers and Partners. Today, SMP employs more than 60 experienced lawyers, tax advisors and tax specialists in three offices in Berlin, Hamburg and Cologne. www.smp.law
Consultant 42CAP: SMP
Dr. Frederik Gärtner (Corporate), Associate Partner
Jens Kretzschmann (Taxes), Partner
Dr. Martyna Sabat (Corporate), Associate