The Venture Capital sub-holding of SRI Group has invested 2,5 million euros through a capital increase for the 30% of the company
Fintech Partners , investment sub-holding owned by SRI Group, the international financial firm of Giulio Gallazzi and Bernardo Vacchi, has invested in Addax Biosciences, a Turin based biotech startup founded at the end of 2017 as a spinoff of the University of Turin and led by Giovanni Bussolati , professor emeritus of pathological anatomy and member of Accademia dei Lincei.
The startup aims at revolutionising the histological fixation for tissue preservation and preparation market segment – so far entirely ruled by the Formalin – launching GAF®, an innovative internationally patented product by Addax Biosciences.
Formalin is a chemical reagent based on formaldehyde, an element which, despite its recognised carcinogenicity and toxicity, has never had a valid and safe alternative. Furthermore, the general European regulatory framework has imposed progressive restrictions on formalin, highlighting the desire to reduce workers’ exposure to formaldehyde.
GAF® has already obtained scientific validation with a performance similar to formalin without showing carcinogenic activity. The market that Addax Biosciences’ product can potentially address is therefore global and aims to replace formalin. In Italy alone, 1.5 million liters are consumed per year, while broadening the gaze to Europe and the world, formalin used overall is 11 million and 70 million liters respectively each year. A market with an estimated value of 8 billion euros worldwide.
Fintech Partners’ investment is aimed at supporting the company in the final part of the research and development process and in the phase of penetrating the market at a global level.
As part of the transaction, Fintech Partners was assisted by Studio Villa & Associati of Bologna for the legal aspects, with a team formed by lawyers Federico Villa, Giada Orioli and Francesca Pepa, and Studio Zannini of Bologna, with a team led by partner Vieri Zannini, for the financial and tax aspects. Addax Biosciences was assisted by DLA Piper for the legal aspects, with a team led by lawyer Sira Franzini, and by Lexchance, with a team led by Enrico Sorisio, for the financial and tax aspects.
