Theodorus II

Theodorus II invested currently € 2.9 Mn in nine spin-offs. End of 2011, the fund realised a significant latent profit.

Spin-off Current situation – perspectives

Lambda-X was incorporated in 2006 and develops, produces and commercalises optical instruments, mainly for spatial applications. Theodorus sold its shares to the management.


Still in portfolio
Spin-offs Current situation – perspectives
Bone Therapeutics

Bone realised a capital increase of € 9.5 Mn in January 2011 to accelerate its development and raised an additional € 2.5 Mn end 2011 to finance the construction of its production facilities in Gosselies. Bone Therapeutics raised more than € 7.5 Mn in November 2012 to continue to accelerate its clinical development and to prepare in optimal conditions an important financial and/or industrial deal.

Bone Therapeutics is currently implementing two Phase 3 trials for autologous products and one Phase 1 -2A trial for an allogeneic product.

Euro Heat Pipes

Euro Heat Pipes develops, produces and commercialises two-phase thermoregulating systems for applications in space.

Endo Tools Therapeutics

Endo Tools Therapeutics develops a gastro-enterologic medical device that allows both to diagnose and to apply surgery via the natural orifices. First clinical test has been conducted March 15, 2012, with success. An international multicentric trial is being implemented.

Theodorus invested € 350K at incorporation. In 2011 an additional amount of € 675K was raised to fund ETT’s further development, in which Theodorus participated for € 150K. Finally, the company obtained a convertible loan of nearly € 400K. This was converted in January 2013, when an additional € 2.5 Mn were raised from an industrial partner to finance the international multicentric clinical study in obesity treatment.


Ovizio develops and commercialises 3D holographic optical instruments. The company signed already several international commercial partnerships, aiming at a quick growth.
Ovizio benefit in a first round from financing of Theodorus, the Regional Investment Company of Brussels and the Brussels Region. After a first capital round, € 2 Mn were additionally raised in June 2014 to finance further commercial development.

Masthercell, an innovative cGMP manufacturing platform, has been incorporated for the clinical and commercial production of cellular therapy products in Europe. 

Production has started up early 2014 after GMP accreditation has been obtained. First contracts have been signed, several others are in final negociation.
The company plans an additional development in the USA. This development will be financed by an additional € 2 Mn, raised in September 2014.

Calyos is a spin-out of Euro Heat Pipes, which historically raised € 3.4 Mn in two rounds. It develops, produces and commercialises two-phase thermoregulating systems for non-space applications. The first one has been integrated in Alstom underground trains and the start of commercialisation is planned in 2014. The second will be integrated in high power computers in the short term.

Calyos is currently raising new funds to accelerate its commercial and industrial development.


Activities stopped
Spin-off Result
BV Transgenic Services

BV Transgenic Services developed genetically modified mice. Its commercial development failed. 


Epsynomics, incorporated in 2008, developed personalised diagnostic tests for breast cancer. The company never succeeded in developing its activities and will be liquidated during 2014.

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