Wolf Theiss advises Zytoprotec on Baxter's Investment

Vienna, 28 January 2013 – WOLF THEISS advised Zytoprotec GmbH, an Austrian biotechnology company, on the entry of Baxter Ventures and other investors. The investment primarily concerned a Phase II trial for Zytoprotec's most developed product, PD-protecTM.

Currently Zytoprotec GmbH, which was founded in Austria in 2007, is mainly working on an advanced dialysis fluid, which should help patients waiting for a donor kidney. In the course of their research and in the framework of their biggest round of financing so far of over EUR 4 million, Baxter Ventures – an investment initiative of Baxter Healthcare Corp. – joined Zytoprotec. In practice, the investment is for the performance of the imminent Phase II clinical trials of PD-protec™, a new product for use in peritoneal dialysis therapy. As part of the cooperation Dr. Norbert Riedel, Baxter's Chief Science and Innovation Officer, will become a member of Zytoprotec's board of directors. The chairmanship will be held by Dr. Gerd Zettlmeissl, previous long-time CEO of Intercell AG.

The Wolf Theiss team was led by Christian Hoenig, who has advised the firm both legally and commercially since its foundation. Other team members included Senior Associate Philipp Trefil and Partner Martin Abram. Hoenig is delighted "This participation round led by Baxter is one of the largest biotechnical transactions in the recent past. This clearly shows how important Vienna as a location and the available know-how have become for this branch. The new product has the potential to set a new global standard in renal replacement therapy." 

Zytoprotec is an Austria biotechnology firm with headquarters in Vienna, which primarily deals with research into cell protection (Zytoprotection) during the treatment of kidney diseases and diabetes. Since its foundation in 2007, the firm has already raised over EUR 10 million from investors and research funding bodies.

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