Bimini Seed Round, January 2025

BIMINI Biotech Secures $3.1 Million Seed Funding to Advance Haematological Cancer Research

Funding Details

BIMINI Biotech, a drug development company based in Leiden, Netherlands, has raised $3.1 million in a seed funding round. The investment was led by Torrey Pines Investment (TPI) from San Diego, United States, with additional contributions from InnovationQuarter Capital (IQC), Libertatis Ergo Holding (LEH), and a private investor.

Purpose of the Funding

The funding will enable BIMINI Biotech to advance the preclinical development of its portfolio of modulators targeting Wiskott Aldrich Syndrome Protein (WASp). This approach is focused on inhibiting the growth of cancer cells in haematological cancers such as leukaemia and lymphoma. The investment will also support the validation of preclinical safety and efficacy studies, using advanced artificial intelligence-based tools provided by Expert Systems, a platform specialising in drug discovery and early development.

About the Company

BIMINI Biotech is developing innovative therapeutics for aggressive forms of haematological cancers, which remain challenging to treat. High relapse rates and limited treatment options for elderly patients and those with comorbidities highlight the need for new therapies. The company’s technology targets WASp, a protein expressed in haematopoietic cells, which plays a role in tumour aggressiveness. Preclinical studies have shown promising results in various models of lymphoma and leukaemia. Additionally, BIMINI’s WASp modulators may have potential applications in autoimmune disorders.

Comments from Key Stakeholders

The funding round drew positive remarks from investors and the company’s leadership team.

Rouslan Michtchenko, Director of Strategic Partnering and Investment at TPI, said:

“We are very pleased to support the team and exciting science behind BIMINI Biotech and see this European investment as another milestone of our strategic expansion in such high-impact research areas as haematology.”

Linn Bäckegren-van Ingen, Investment Manager at IQC, commented:

“We are impressed by the dedication and expertise of the BIMINI team and look forward to seeing them take the next steps in this important journey. Therefore, we are excited to support BIMINI Biotech in their mission to improve outcomes for leukaemia and lymphoma patients.”

Dr Digvijay Gahtory, CEO of BIMINI Biotech, stated:

“We are excited to welcome this experienced group of investors and have the continued support of our existing shareholders that believe in the potential of our first-in-class WASp-modulators.”

Dr Maurits van den Nieuwboer, COO of BIMINI Biotech, added:

“We have been talking to many clinicians and oncologists over these past years, and they all say the same: for aggressive leukaemia and lymphoma subtypes, it is not a matter ‘if’ patients relapse, but ‘when’ patients relapse. As such there is still a dire need for novel therapeutic strategies. BIMINI Biotech can fill this gap. With this new investment round, we can really progress the development of our portfolio.”

Closing Remarks

This $3.1 million funding round is set to enable BIMINI Biotech to build on its early success and accelerate the development of its WASp-targeting therapeutics. The company aims to address critical gaps in the treatment of haematological cancers, with the ultimate goal of improving outcomes for patients worldwide.