DBV Tech receives 12.3M euro financing

French venture capital firm Sofinnova Partners has made a 7.0 million euro ($8.6 million) investment as lead investor in a 12.3 million euro round of financing in DBV Technologies, a French biopharmaceutical company that specializes in the development of allergy therapies and diagnostics. Apax Partners France also participated in the round as co-lead investor for 5.0 million euros and historical investors Cap Decisif and Creagro contributed 350,000 euros.

Founded in Paris in 2002 by two pediatric gastroenterologists and allergists, DBV Technologies has developed a worldwide patented E-patch technology for drug delivery that transports proteins and peptides across the skin. The E-patch has been proven to accurately and safely diagnose certain allergies and the company has already started selling its first product, the Diallertest Milk allergy diagnostic, in France and abroad.

According to Soffinova, DBV is now focusing on developing the technology for allergy desensitization. In addition, it is working on other therapeutic applications, including vaccinations and delivery of certain pharmaceutical products that the firm plans to partner with major drug companies.