Series C will close by the end of June
Innovacell K.K. (Headquartered in Shibuya, Tokyo; CEO: Colin Lee Novick, Jason David Sieger) aims to improve health and quality of life through cell therapy for the treatment of fecal and urinary incontinence. We are pleased to announce that we received a total investment of 550 million yen from the Innovacell Fund Limited Partnership, established by HiJoJo Partners Inc., which focuses on investing in domestic and international non-listed startups, particularly unicorn companies.
With this investment, we have fulfilled the prerequisites for commencing the 15 million euro (approximately 2 billion yen) venture debt line obtained from the European Investment Bank.
*Note: A unicorn company refers to a rapidly growing startup with a valuation exceeding 1 billion US dollars that has not yet gone public.
Comment from CEO Colin Lee Novick
“I am very honored that HiJoJo Partners, which primarily invests in carefully selected unicorn companies aiming for an IPO within a few years, has chosen Innovacell as its next investment target. I understand that the professionals at this firm see Innovacell as a strong late-stage non-public company. We will continue to focus on achieving milestones in clinical development to meet this evaluation.
Currently, the international Phase III clinical trial for ICEF15, targeting patients with urge fecal incontinence, has started patient enrollment in Bulgaria and Spain, and we are also progressing smoothly with approvals to begin in the UK and Sweden.