Dublin-based nanoscale biotechnology company RemedyBio has completed a €10.5m funding award to the company by the European Innovation Council (EIC) Accelerator.
The DCU spin-out company announced it had closed an additional €8m in equity financing from the EIC Fund a few days ago.
The funding will enable RemedyBio to continue developing its Rapid Pandemic Response Platform, as well as its NanoreactorTM immune discovery platform.
The company has already contributed to scientific understanding of Covid-19, after its rapid response platform succeeded in flagging powerful new antibodies against SARS-CoV-2 from the immune system of Covid-19 infected patients.
Heidi Kakko, member of the Investment Committee of the European Innovation Council Fund said: “We are glad the EIC Fund is supporting this breakthrough company, which is playing a pioneering role in creating new solutions in immune therapeutics. This shows how the EU contribution is crucial in tackling the Covid-19 response.”
The new EIC funding will allow RemedyBio to tune its platform to respond to new variants and future diseases. It aims to create a rapid passive therapy against new strains of Covid-19 and to control future pandemics more efficiently, by making therapies for new viruses available in less than 90 days.
Dan Crowley, CEO of RemedyBio said he was delighted the company received funding from the EIC: “It fills an important financing gap, supporting European companies with innovative technologies to create deep scientific programs and commercial partnerships. In our case, this will drive transformative biological insights and new therapy discoveries.”
Crowley added that the funding would enable the company to forge new collaborative working relationships with pharmaceutical partners and clinical research groups.
Richard Stokes, DCU’s commercialisation director and CEO of DCU Invent said the university was fortunate to have worked with RemedyBio’s chief scientist and co-founder Dr. Paul Leonard for seven years.
Stokes commented: “The European EIC grant funding and equity funding are innovative mechanisms to support the development of breakthrough technologies like this and they complement the very welcome Disruptive Technology Innovation Funding provided by the Irish Government. We look forward to other innovative DCU projects availing of these funding schemes.”
The EIC Fund was established last year as a breakthrough initiative of the European Commission to make direct equity and quasi- equity investments in European high impact and deep tech start-ups and scale ups.
The fund provides patient capital and invests in companies from any sector, across all EU countries and countries linked to the EU research and innovation initiative Horizon 2020.
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