French biotech SMEs to benefit from state funding initiative

Published: 24-Nov-2006

Biotech companies will be some of the main beneficiaries of a new French state-led financing initiative, according to the state-owned financial institution French Caisse des depots (CDC) Entreprises.


Biotech companies will be some of the main beneficiaries of a new French state-led financing initiative, according to the state-owned financial institution French Caisse des depots (CDC) Entreprises.

The French ministers of finance and small and medium sized enterprises (SME) launched the "France Investissement" initiative at the beginning of November, in response to a perceived lack of venture and development capital.

Via this measure, the CDC - which invests funds from savings banks, retirement funds and the post office - intends to use its investment capital subsidiary CDC Entreprises to double equity capital funding for innovative French SMEs to almost euro 2 bn over six years, euro 300 m per year.

Jerome Gallot, chairman of CDC Entreprises said at a press conference organised by industry body France Biotech that the CDC will have more money for investment in the areas of venture and joint venture capital, technology seeds.

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