The Québec biotech aims to provide treatment options for rare diseases and different metabolic disorders
Montréal, September 8, 2020 – The Fonds de solidarité FTQ is investing $10 million in Inversago, a Québec biotech firm focused on the development of treatments for rare diseases such as Prader-Willi Syndrome and metabolic disorders such as non-alcoholic steatohepatitis (NASH) and type 1 diabetes.
Forbion, a fund based in The Netherlands, led the Series B financing, which raised C$47 million (US$35 million). Joining the latest round were returning investors Genesys, JDRF T1D Fund, Amorchem, Anges Québec Capital, adMare BioInnovations and angel investors.
“We’re proud to team up with Forbion to support Inversago and continue the work begun by the first investors. Thanks to this round and a strong investment syndicate, Inversago can tackle rare diseases such as Prader-Willi Syndrome and different metabolic disorders,” said Didier Leconte, Vice-President, Investments, Life Sciences and Funds of Funds, at the Fonds de solidarité FTQ. “We are especially pleased that four of our partner funds are also backing Inversago.”
It will be recalled that in order to attract foreign capital to support Québec’s life sciences industry, the Fonds invested in Forbion III in 2015 and in Forbion IV in 2018.
“In order to ensure the growth of Québec’s life sciences industry and to back projects with potentially major impact, it is essential to work with specialized funds. Forbion brings a tremendous network and expertise to Québec that will allow us to develop the technology of tomorrow. This investment also shows the important role seed and start-up funds play in the ecosystem,” concluded Mr. Leconte.
The Fonds de solidarité FTQ has invested $1.6 billion since 1989 to support the Québec life sciences sector. Consisting of nine members, including a senior scientific advisor, the Fonds’ life sciences team invests directly in companies as well as in specialized life sciences investment funds.
About the Fonds de solidarité FTQ
The Fonds de solidarité FTQ is a capital development fund that channels the savings of Quebecers into investments. With net assets of $13.8 billion as at May 31, 2020, the Fonds has helped create and protect 221,267 jobs. The Fonds has 3,329 partner companies and 707,935 shareholders-savers.
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