Utrecht takes a shine to Cristal

Netherlands-based biopharmaceutical firm Cristal Therapeutics has raised €6m ($7.5m) to take its therapies for cancer and other diseases to clinical trials.

Utrecht University, the institution which spun-out Cristal and an existing backer, was one of the backers in the round. Venture capitalist Chemelot Ventures joins as a new investor, along with previous backers Thuja Capital, BioGeneration Ventures, Nedermaas, and Beheer Innovatiefonds Provincie Limburg, the innovation fund for the Province of Limburg.

Also announced with the round was the promotion of Joost Holthuis, co-founder of Cristal Therapeutics, to the position of CEO. Commenting on the deal, Holthuis said: “Chemelot Ventures joining our group of pre-eminent investors represents a growing commitment to nanomedicine. The continuing commitment and support of our existing investors is extremely important to our business. That commitment reflects the potential of the drug candidates developed by Cristal Therapeutics on the basis of the CriPec technology.”

The company is developing nanoparticle technology to improve distribution and release of drugs, such as selective targeting of tumours in cancer treatments. First clinical trials are due to begin at the start of next year.