Press release


Antwerp, October 28th, 2024, 17:45 CET



Gimv participates in a $92M Series A financing round at Kivu
Bioscience to advance next-gen antibody-drug conjugates
Gimv joins a $92M Series A financing round led by Novo Holdings to support the
development of antibody-drug conjugate (ADC) programs in oncology utilizing a
clinically validated platform designed to minimize off-target toxicity and improve
efficacy.

Kivu Bioscience (https://kivubioscience.com) is
a biotech company headquartered in San About Gimv
Francisco that develops next-gen antibody-
drug conjugates (ADCs) in oncology to deliver Gimv is a European investment company with
best-in-class therapeutics. Today, the company over 40 years of experience in private equity and
announces the close of a $92 million Series A is listed on Euronext Brussels as well as a member
financing round led by Novo Holdings and of the Euronext BEL ESG Index. Gimv currently has
further joined by Gimv, Red Tree, HealthCap, a portfolio of more than EUR 1.5 billion consisting
BioGeneration Ventures, Merck Ventures, and of around 60 portfolio companies, with a
Brabantse Ontwikkelings Maatschappij (BOM). combined turnover of EUR 4.0 billion and more
than 20,000 employees.
Michaël Vlemmix, Partner Life Sciences,
declares: “I am thrilled to work alongside co- As a recognized market leader in selected
investors and the management team to build investment platforms, Gimv identifies
Kivu into a leading ADC company. Its ambition entrepreneurial, innovative companies with high
holds great potential to significantly enhance growth potential and supports them in their
patient outcomes in the future.” transformation into market leaders. Gimv's five
investment platforms are Consumer, Healthcare,
Christoph Kocher, Principal Life Sciences further Life Sciences, Smart Industries and Sustainable
adds: “We are excited to be using the clinically Cities. Each platform works with an experienced
derisked technology of Synaffix in our first two team across Gimv’s home markets of Benelux,
programs that are aimed to show robust clinical France and DACH, supported by an extended
proof of concept with this financing.” international network of experts.


Bram Vanparys, Head of Life Sciences, adds: Further information on Gimv can be found on
“Our new investment in Kivu Bioscience aligns www.gimv.com.
perfectly with our strategic vision for Gimv’s Life
Sciences Platform. This investment represents a For further information please contact:
significant step forward in our commitment to
advancing therapeutic solutions for cancer Michael Vlemmix, Partner Life Sciences
T +32 3 290 21 77
patients. We are excited about the potential
michael.vlemmix@gimv.com
this investment holds for driving impactful
advancements and delivering value to our
stakeholders.”

For more information, please read the full press
release from Kivu Bioscience attached.




Gimv NV - Karel Oomsstraat 37, 2018 Antwerp, Belgium - T +32 3 290 21 00 - www.gimv.com 1
Kivu Bioscience Raises $92 Million Series A Led by Novo Holdings to Advance
Next-Generation Antibody-Drug Conjugates
Funding to support clinical development of multiple antibody-drug conjugate (ADC) programs
Utilizing the Synaffix platform designed to minimize off-target toxicity and improve efficacy
World-class team with decades of ADC drug development experience led by Mohit Trikha, PhD, well
positioned to reach significant inflection points

SAN FRANCISCO--(BUSINESS WIRE)-- Kivu Bioscience, a biotech company developing next-generation
antibody-drug conjugates to deliver best-in-class therapeutics, announced today the close of a $92 million Series A
financing round led by Novo Holdings, with participation from Gimv, Red Tree Venture Capital, HealthCap as well as
existing investors BioGeneration Ventures, M Ventures, and Brabantse Ontwikkelings Maatschappij (BOM). The
funding will be used to advance multiple oncology programs into the clinic.

“We're excited to have the backing of this top-tier syndicate, who share our vision for developing kinder, gentler ADC
therapies that are more effective and safer for cancer patients,” said Mohit Trikha, Ph.D., President and Chief
Operating Officer of Kivu Bioscience. “Our next-generation ADCs address key limitations of current treatments,
particularly by engineering stable ADCs we have the potential to reduce off-target side effects which in turn widens
the therapeutic window. This funding allows us to accelerate the development of our Topo1i-based ADC pipeline to
the clinic, where we plan to quickly differentiate Kivu’s products from past endeavors. We are inspired by patients
and driven by data to accelerate transformative medicines.”

Kivu is utilizing the proprietary Synaffix site-specific linker-payload technology to deliver next-generation ADC
therapeutics. The GlycoConnect technology, which couples the linker specifically to asparagine-297, delivers a
clean, highly homogenous product. This technology not only offers a clear manufacturing advantage over other
conjugation techniques, but also produces an ADC that is more stable, significantly reducing off-target side effects.
This approach widens the therapeutic window, improving the safety profile for patients. Addressing the
discontinuation and dose-reduction rates seen with ADCs will establish Kivu’s place in treating solid tumors.

“ADCs are an established modality for treating cancer, but tolerability issues limit the pace of advancement in the
space. The early data from Kivu suggested superior stability of the constructs, clearly pointing toward targets that
have been pursued by earlier generations of ADCs, but which failed due to high rates of drug discontinuation. That
data in the hands of this outstanding management team tells an incredibly compelling story – one we are excited to
support. We see tremendous opportunity for the Kivu pipeline to produce a new generation of targeted therapies as
best-in-class novel ADCs across a broad range of cancers,” said Daniel O’Connell, M.D., Ph.D., Partner, Novo
Holdings.

Kivu’s assets are in late-stage preclinical studies and target areas of high unmet medical need. The company’s
platform is differentiated by its superior ability to avoid the issues seen with currently marketed ADCs and addresses
key limitations related to stability and therapeutic precision and delivery. The company is set to begin Phase 1 trials
for its lead candidate in 2025.

About Kivu Bioscience

Kivu Bioscience is pioneering next-generation antibody-drug conjugates (ADCs) in oncology. The company’s
proprietary linker-payload technology delivers enhanced safety and efficacy, minimizing off-target effects to improve
patient outcomes. With multiple ADC programs in development and a team of industry veterans, Kivu is advancing
its first two lead candidates to clinical trials expected to begin in 2025. The company is headquartered in San
Francisco, CA. For more information, visit www.kivubioscience.com.

About Novo Holdings A/S

Novo Holdings is a holding and investment company that is responsible for managing the assets and the wealth of
the Novo Nordisk Foundation. The purpose of Novo Holdings is to improve people’s health and the sustainability of
society and the planet by generating attractive long-term returns on the assets of the Novo Nordisk Foundation.
Wholly owned by the Novo Nordisk Foundation, Novo Holdings is the controlling shareholder of Novo Nordisk A/S
and Novonesis A/S (Novozymes A/S) and manages an investment portfolio with a long-term return perspective. In
addition to managing a broad portfolio of equities, bonds, real estate, infrastructure and private equity assets, Novo
Holdings is a world-leading life sciences investor. Through its Seed, Venture, Growth, Asia, Planetary Health
Investments and Principal Investments teams, Novo Holdings invests in life science companies at all stages of
development.

As of year-end 2023, Novo Holdings had total assets of EUR 149 billion. www.novoholdings.dk.

Contacts
Media
Kimberly Ha
KKH Advisors
917-291-5744
kimberly.ha@kkhadvisors.com




Source: Kivu Bioscience