Irish biotech company RemedyBio has announced the final closing of €8m in equity financing from the European Innovation Council (EIC).
The €8m is in addition to the €2.5m already awarded to RemedyBio in June 2020 by the EIC Accelerator to develop a 'Rapid Pandemic Response Platform', bringing the total funding to €10.5m.
RemedyBio’s technology is designed to rapidly and simultaneously analyze millions of single immune cells from an individual sample.
After succeeding in flagging powerful new antibodies against SARS-CoV-2 from the immune system of CovidD-19 infected patients, the platform is now being tuned to respond to new variants and future diseases.
It said the aim is to create a rapid passive therapy against new strains of Covid-19 and, primarily, to control future pandemics more rapidly, by making therapies for new viruses available in less than 90 days.
"This financing from the EIC Fund will enable us to advance our technology development and therapeutic discovery activities, and forge collaborations with leading pharma partners and key clinical and research groups," said Daniel Crowley, CEO of RemedyBio.
Mr Crowley said they are delighted to have the support of the EIC Fund.
"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," he said.
This investment will fund the significant development of RemedyBio’s proprietary Nanoreactor platform as well as advancing its key therapeutic pipeline assets.
