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Pharma Tech Outlook | Wednesday, July 28, 2021
The European Innovation Council Fund supports RemedyBio with an $8 million investment facility, in addition to the $2.5 million grant previously awarded by the EIC.
FREMONT, CA: RemedyBio, an immunology, focused research, and development firm, finally completes an additional $8 million ($9.4 million) in equity financing from the EIC Fund, bringing the company's total capital to $10.5 million ($12.4 million). This extra investment of $8 million ($3 million) supplements the 2.5 million ($3 million) EIC grant already awarded to RemedyBio in June 2020 to create a Rapid Pandemic Response Platform based on its patented Nanoreactor" platform. This finance comes from RemedyBios being chosen from nearly 4,000 startup concepts submitted to the EIC Accelerator in 2020.
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RemedyBios technology is designed to examine millions of single immune cells from a single sample fast and concurrently. After successfully detecting potent new antibodies against SARS-CoV-2 in the immune systems of COVID-19-infected individuals, the technology is now being adjusted to respond to novel variations and future diseases. The goal is to develop a rapid passive therapy against novel COVID-19 strains and, more importantly, to reduce the duration of future pandemics by making therapeutics for new viruses accessible 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,” says Daniel Crowley, CEO of RemedyBio. “We 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.”
This investment accelerates the development of RemedyBio's novel, proprietary Nanoreactor technology and the advancement of the company's significant therapeutic pipeline assets. RemedyBio developed the Nanoreactor technology using intellectual property licensed exclusively from Dublin City University (DCU), following a decade-long research and development effort conducted by Dr. Paul Leonard, the company's principal scientist, and co-founder. The platform has significantly increased the speed, scale, and quality of single-cell research and discovery, laying the groundwork for developing novel antibodies and cell treatments. Its high-throughput detection capabilities shed new light on immune system interactions, ushering in a new era of precision treatment for viral infections, cancer, and autoimmunity.
"At Enterprise Ireland, we welcome this substantial EIC Fund investment in an Irish high potential startup," says Garrett Murray, national director for Horizon Europe at Enterprise Ireland. "RemedyBio is a great example of an Irish company that has succeeded in winning competitive funding through the EIC and, in Ireland, through the Disruptive Technology Innovation Fund (DTIF) for oncology cell therapy applications, to help fund its development and advance its scaling strategy. Enterprise Ireland is here to support and advise ambitious and innovative Irish startups considering application for competitive EIC financing as part of their funding journey."
Heidi Kakko, the European Innovation Council Fund Investment Committee member, says, “This financing round will enable Remedy Biologics to develop a Rapid COVID-19 Passive Therapy Response Platform. 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 Covid19 response.”
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