Česká spořitelna is the first bank in the Czech Republic to invest EUR 5 million in an academic investment fund i&i Bio focused on drug development and medical innovations

20 September 2023

Prague, 20 September 2023. Česká spořitelna becomes the first bank in the Czech Republic to invest in an investment fund i&i Biotech Fund I (i&i Bio), which operates at the renowned Institute of Organic Chemistry and Biochemistry Academy of Sciences of the Czech Republic (IOCB). This fund aims to support the development of new drugs, diagnostic methods, and medical technologies. By 2026, i&i Bio plans to invest in around 20 medical and biotechnology projects with the support of Spořitelna, helping them to move from research to practice, and patients. Spořitelna is not only the first Czech bank to invest in a fund of this kind, but also one of the few European banks to enter such funds directly as investors.

"The Institute of Organic Chemistry and Biochemistry is one of the most successful Czech scientific institutions in the world thanks to the success of Professor Antonín Holý's team in developing drugs against AIDS. We view the opportunity to become a direct investor in the Fund and to support the development of new drugs and medical technologies that can potentially help millions of patients around the world, with great honor and humility," says Tomáš Salomon, CEO of Česká spořitelna.

"It is great that thanks to its size, the i&i Biotech Fund can significantly accelerate the transfer of scientific research results into practice and be an example for other investors, not only in the medical field. Investing in science and research, with an emphasis on the ability to apply the resulting innovations on a global scale, can be one of the strategies that will help the Czech Republic launch its second economic transformation," adds Tomáš Salomon.

It is great that thanks to its size, the i&i Biotech Fund can significantly accelerate the transfer of scientific research results into practice and be an example for other investors, not only in the medical field. Investing in science and research, with an emphasis on the ability to apply the resulting innovations on a global scale, can be one of the strategies that will help the Czech Republic launch its second economic transformation."

Tomáš Salomon
CEO of Česká spořitelna.

With the participation of Česká spořitelna, i&i Bio's investment capital has significantly increased to a total of EUR 53 million. This additionally extends the fund's action radius, which received tens of millions of euros two years ago from the European Investment Fund. This unique cooperation has secured not only i&i Bio but also the parent Institute, IOCB, and the Academy of Sciences itself a place in the elite league of the most important European scientific institutions, where a similar investment fund has been established. These are the organizations that serve as the birthplace of innovative industry and high-tech companies, whether it is the Flemish Institute of Biotechnology (Belgium), the Catholic University of Leuven (Belgium), Chalmers University in Gothenburg (Sweden), the University of Manchester (UK) or the Karolinska Institute in Solna (Sweden). Among the former Eastern Bloc countries, the transfer hub around the IOCB is the absolute leader in this respect.

"I am very pleased that it is Česká spořitelna as the first Czech financial institution that has decided to support technology transfer in our country in such a significant way, and that it is our institution that can support such cooperation. I am convinced that this is the only way to prosperity that has a chance in today's world," says the Director of the IOCB, Prof. Jan Konvalinka.

Prof. Jan Konvalinka

Director of the IOCB

For i&i Bio, which has built on the success of i&i Prague in supporting the transfer of new technologies from laboratories to practice, the entry of Česká spořitelna represents another important milestone in the development of the fund. After the launch of the prestigious cooperation with the European Investment Fund (together with i&i Prague the main investor in i&i Bio) and the entry of major Czech private investors, the current arrival of a stable and rather conservative financial institution is another confirmation that the fund is a convenient instrument for various types of investors.

"It is a great honor for i&i Bio to be perceived by Česká spořitelna as an interesting, understandable, and transparent investment instrument. The fund itself meets the highest global standards and shows the direction in which various investors can effectively invest money in the most promising research projects," says Jaromír Zahrádka, Director of i&i Bio. According to him, a whole new chapter is opening, which has the potential to fundamentally change the form of cooperation between the worlds of science and finance. "Our example shows that in the future it is realistic to build a separate pillar for financing the development of science and innovation on similar funds, to offer new opportunities to a wide range of investors and at the same time to help the Czech economy to find new directions for development," adds Zahrádka.

"Our example shows that in the future it is realistic to build a separate pillar for financing the development of science and innovation on similar funds, to offer new opportunities to a wide range of investors and at the same time to help the Czech economy to find new directions for development."

Jaromír Zahrádka

Director of the IOCB

Contact

Martin Kovalčík, kovalcik@inibio.eu, +420 777 472 863

About i&i Biotech Fund (i&i Bio)

i&i Bio is a Luxembourg-based venture capital firm that invests in innovative European Life Sciences companies focused on drug discoveries, medical devices, diagnostics, and digital health. The Fund was created thanks to the cooperation of the biotech incubator i&i Prague and the European Investment Fund (see below). With over €53 M under management, i&i Bio plans to invest in about 20 early-stage companies. i&i Bio is led by an experienced team of professionals with backgrounds in private equity, healthcare and venture capital supporting entrepreneurs on their journey to global success. Thanks to close cooperation with the fund’s main sponsor, the biotech academic incubator i&i Prague, i&i Bio is supporting and advancing transformative Central European technology companies.

About the European Investment Fund (EIF)

The Fund is supported by an investment from the EIF, with the support of:

lnnovFin Equity, with the financial backing of the European Union under Horizon 2020 Financial Instruments and the European Fund for Strategic Investments (EFSI) set up under the Investment Plan for Europe. The purpose of the EFSI is to help support financing and implementing productive investments in the European Union and to ensure increased access to financing; and
the Pan-European Guarantee Fund (EGF), implemented by the EIF with the financial support of the Participating Member States. The objective of the EGF is to respond to the economic impact of the COVID-19 pandemic by ensuring that companies in the Participating Member States have sufficient short-term liquidity available to weather the crisis and are able to continue their growth and development in the medium to long-term.