On February 9, 2020 Oncoheroes Biosciences Inc. ("Oncoheroes"), a biotech company exclusively focused on the development of innovative medicines to treat cancer in children and adolescents, reported that it has closed the first investment with Dreamers Startup Ventures (Press release, Oncoheroes Biosciences, FEB 9, 2020, View Source [SID1234568290]). Under the terms of the agreement, Dreamers Startup Ventures has committed to invest up to $1.1M, disbursed in installments subject to Oncoheroes milestone achievements in the coming months.
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The agreement goes beyond a traditional VC investment. Ricardo Garcia, Oncoheroes’ CEO, stated: "This is a great opportunity for Oncoheroes to take advantage of Dreamers Startup Ventures hands-on approach to support our efforts in all directions. We feel honored and acknowledge the responsibility of being the first investment of Dreamers Startup Ventures in the biotech sector."
Cesare Spadoni, Oncoheroes’ Chief Operations Officer added: "This funding is an important financial achievement for Oncoheroes and enables us to focus on continue working on the clinical development plan for volasertib, our first asset in-licensed from Boehringer Ingelheim, and identify two new assets and complete our pipeline".
Gorka Fius, cofounder of Dreamers Startup Ventures further notes: "From the beginning, we realized that Oncoheroes holds great potential as a biotech company, which made it a very strategic investment for us. The first reason that led us to invest in Oncoheroes is the uniqueness of being 100% focused on developing drugs for pediatric cancer, an estimated niche market of $5-10B/year. We also value the multi-asset portfolio strategy that contributes to diversifying our investment risk and the fact they already have volasertib, a very strong drug candidate in their pipeline. Moreover, Oncoheroes’ first-class team has wide expertise over all of the drug development spectrum, a clear strategy, and a very well-defined road map. Finally, we are confident that we are diminishing the risk of our first operation in the biotech sector by investing in the rare disease space, where normally the cost to develop a drug is lower and the time to reach the market is faster."