News – General corporate and securities matters
1 June 2015
Cresco has assisted the consortium consisting of Marc Coucke and Michel Akkermans, leading serial entrepreneurs, and PMV, a leading Belgian venture capital fund, in the preparation, negotiation and structuring of its investment in miDiagnostics.
miDiagnostics is a revolutionary life science venture
miDiagnostics, a revolutionary life science venture, will receive the largest ever life science start-up funding in Belgium in the amount of EUR 60 million. miDiagnostics combines the intellectual property, know-how and technical expertise of imec, the world’s leading nano-electronics research institute and Johns Hopkins University, the world’s leading medical research university, with the funding, know-how and expertise of highly experienced serial entrepreneurs and investors.
The founders strongly believe in the unique potential to develop and implement new healthcare delivery technologies and care models through point-of-need diagnostics.
miDiagnostics will develop miLab as a cost-effective, accurate and user friendly diagnostics platform and one-time use disposable. miLab is a disposable multi-diagnostic test platform which can be used anytime, anywhere by anybody. miLab will be able to use smartphones which are the most ubiquitous computing & networking platform available globally.
Highly complex tech transfer and development venture
Cresco is very pleased to announce that it has played a key role as lead counsel to the investor consortium in the negotiation and structuring of the formation and funding of miDiagnostics, including i.a. complex and sophisticated arrangements for:
· IPR assignment and licensing by the research institutes to miDiagnostics;
· Milestone based R&D development;
· Current and future funding;
Cresco’s emerging company, venture capital, innovation and intellectual property counseling
miDiagnostics is a prominent example of Cresco’s unique combination of emerging company, venture capital, innovation and IP counseling skills, ensuring that miDiagnostics acquires and develops the required intellectual property assets, leveraging their value for growth, combined with state-of-the-art venture funding and governance mechanisms.
Our role as lead counsel in the inception of miDiagnostics is a clear demonstration of the success of Cresco’s strategy to provide innovative legal services to meet the intellectual property and funding needs in the life science sector.
David Dessers and Frédérique Joos constituted the initial Cresco deal team for this transaction, which is the start of a great Belgian life science growth initiative.
For any further information or questions, please contact David Dessers.