KDTB Research, a drug development start-up developing a new medicine for treatment of Tuberculosis, closed a successful funding round with the assistance of SORTIS Invest. The financing was led by Innovation Capital – a venture capital fund located in Sofia, Bulgaria.
KDTB Research is a company that specializes in developing superior drugs for treatment of Tuberculosis – one of the Top 10 deadliest infectious diseases in the world, with 10,000,000 new cases every year, and a 14% mortality rate (compared less than 1.9% for COVID-19).
The capital was raised to conduct further research of the drug efficacy for CINARIF® – a patented new molecule in the fight against tuberculosis. This new drug is expected to reduce treatment time from 6 to 4 months, while also showing potential in the treatment of NTM (Non-tuberculous mycobacteria) Infections, as well as Gram-positive and Gram-negative bacteria. KDTB Research estimates that the market introduction of CINARIF® has the potential to save over 1,000,000 lives in 10 years.
Innovation Capital aims to provide assistance to high-impact ideas with high potential to be disruptive and scalable via their venture capital fund, focused on Bulgarian start-up companies.
This is one of the very few life science sector deals in Bulgaria and SORTIS Invest is proud to have been KDTB Research’s exclusive advisor. SORTIS will continue to provide consultancy services to KDTB Research in its future financing rounds.
The general manager of KDTB Research, Petko Ditchev said: “This is a vital first step in getting CINARIF® into the hands of countless people in need. Thanks to SORTIS Invest we were able to secure funding from Innovation Capital, which will allow us to have concrete proof and results from testing our key asset. Those studies are demanded for the future advancements of our operations.”
Mr. Martin Paev, CFA, the Executive Director of SORTIS Invest stated: ”We are proud to be the advisors of KDTB Research in this financing round, which is expected to advance the studies on CINARIF®, and, hopefully, lead to the introduction of a new drug for treatment of Tuberculosis and NTM infections, made in Bulgaria. For SORTIS this is not just a fundraising project, it is a mission to help save millions of lives and make the world a better place.”
ABOUT KDTB RESEARCH
KDTB Research was established in 2014, with the main purpose to complete pre-clinical and clinical studies, and launch CINARIF® – a new antibiotic for the treatment of tuberculosis and Non-tuberculous mycobacteria (NTM) Infections. Many years of research on hundreds of molecules led to the development and testing of CINARIF®. The company possesses the exclusive license rights for specific molecule groups related to CINARIF® in 146 countries. The patents are owned by the inventors, some of whom are the founders of KDTB Research.
ABOUT INNOVATION CAPITAL
Innovation Capital is a venture capital firm managing EUR 21.1 mln with a mandate to invest in equity and quasi-equity instruments in 200+ startup companies. It was selected by the Fund of Funds (FMFIB) to operate a financial resource of EUR 19.3 mln throught the Operational Programme Innovations and Competitiveness and also attracted EUR 1.8 mln from private investors.
Innovation Capital AD is the entity managing the fund Innovation Capital Fund KDA, which is co-financed by European Regional Development Fund. Innovation Capital Fund KDA with its major investor Fund of funds (Fund Manager of Financial Instruments in Bulgaria EAD) has invested in more than 70 companies with the total value of over 6 million euro. The total number of employees in this companies is over 160.
ABOUT SORTIS Invest
SORTIS Invest is an investment banking boutique, based in Sofia, Bulgaria, part of SORTIS Group. It is a member of GlobalScope Partners, a global family of 55 independent M&A firms in 46 countries with a team of 650 professionals and more than 10,000 completed mergers and acquisitions and private equity deals worldwide. SORTIS Invest advises companies on mergers & acquisitions and fundraisings, as well as valuations and financial modelling of business cases. SORTIS Invest has a broad partner network and extensive experience in the fields of corporate finance, mergers & acquisitions.
SORTIS Invest has advised clients in various sectors including Telecommunications, Media and Technology (TMT), financial services, food and beverages, life sciences, chemicals, education, defense, manufacturing, energy, mining, transport and logistics, hospitality and real estate.
