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Biovance Capital Partners, OrbiMed & Torrey Pines Investment fund Mondego Bio’s Series A for PTPN2 therapy

“This marks the first investment by Biovance Capital Fund I, which looks to provide crucial capital to develop transformational therapies for unmet medical needs, and attract world-class scientists and investors to Portugal,” said Ricardo Perdigão Henriques, PhD, Managing Partner of Biovance Capital, the investment firm leading the round. “We are excited to join forces with top-tier US healthcare investors to help accelerate safer, more effective treatments-and, ultimately, better outcomes for patients battling cancer,” added João Incio, MD PhD, General Partner of Biovance Capital. “We see this investment as an great excellent opportunity to advance a groundbreaking innovation with the potential to reshape current immunotherapy in oncology,” said André Albergaria, PhD, Principal of Biovance Capital.

“With very compelling science, we are excited to back Mondego Bio’s work on PTPN2 inhibitors in immuno-oncology, marking our first investment in Southern Europe and a successful collaboration with OrbiMed and Biovance Capital,” said Nikolay Savchuk, PhD, Managing Partner of Torrey Pines Investment.

“It is great to have Biovance Capital as a local partner in Portugal supporting the development of this company,” added Iain Dukes, PhD, Venture Partner at OrbiMed.

The lead programs are based on research initially developed by Eilean Therapeutics, an AI/ML supported oncology platform co-founded by OrbiMed and Torrey Pines.

About Biovance Capital

Biovance Capital is Portugal’s leading life sciences venture capital firm. The company manages Biovance Capital Fund I, a new venture capital fund with a total of € 57 million from the European Investment Fund, the largest Portuguese pharmaceutical company BIAL, the national promotional bank Banco Português de Fomento, the European Commission through the Portugal Tech and Invest EU programs, and private investors from Portugal and abroad. The fund invests in early-stage drug development companies across Europe, with a special focus on Southern Europe. For more information, please visit .

About OrbiMed

OrbiMed is a leading healthcare investment firm, with over $17 billion in assets under management. OrbiMed invests globally across the healthcare industry, from start-ups to large multinational corporations, through private equity funds, public equity funds, and royalty/credit funds. OrbiMed seeks to be a capital provider of choice, providing tailored financing solutions and extensive global team resources to help build world-class healthcare companies. OrbiMed’s team of over 100 professionals is based in New York City, London, San Francisco, Shanghai, Hong Kong, Mumbai, Herzliya, and other key global markets. For more information, please visit .

About Torrey Pines Investment

Torrey Pines Investment, based in San Diego, CA, has focused on early to commercial-stage breakthrough medicines since 2002. Its therapeutic interests include oncology, neurodegenerative and cardiometabolic disorders, infectious diseases, and more. For more information, please visit .

Media and Investor Contact:

Ana AgostinhoOffice Manager,Biovance Capital Partnerst: +351 21 982 93 60, e: [email protected]

Sanja Tomovska, PhDVenture Partner,Torrey Pines Investmentt: +41 795416216, e: [email protected]

SOURCE Mondego Bio