European Innovation Council Accelerator finances treatment development drive for condition
The European Innovation Council (EIC) Accelerator is providing €16m to support the development of therapy to slow the progression of Parkinson's disease.
GeneCode will receive the financing to support the Kevad Bio project, which is being developed in collaboration with Argobio, and is divided into a €1.7m grant and €14.3m in equity investments.
GeneCode is a company focused on the development of disease-modifying therapeutics to combat neurodegeneration, while Argobio is a start-up that concentrates on progressing innovation.
For the critical second 2023 EIC Accelerator ‘cut-off’ in March this year, well over 500 businesses submitted a complete application. Consequently, a set of 51 companies across 17 different countries were selected during a competitive process to receive the vital funding.
The funding provided to GeneCode amounts to €16m – under EIC Accelerator, a single project can receive a maximum of €17.5m.
Professor Mart Saarma, GeneCode supervisory board member, reflected: “If we can contribute to improving the quality of life of people affected by the disease through our treatment, it will be a great achievement. Renowned specialists from GeneCode and Argobio, as well as several researchers from the Universities of Tartu and Helsinki and international CROs, are contributing to this effort daily.”
He added: “We are now in the position to start preparations to achieve the IND-ready status to apply for a licence for clinical trials.”
Paavo Pilv, chief executive officer at GeneCode, concluded: “While existing drugs and treatments of Parkinson’s disease only alleviate the symptoms, the treatment developed by GeneCode in collaboration with Argobio demonstrates the ability to slow down disease progression in Parkinson's disease.
“With the €16m EIC Accelerator funding, we are able to accelerate GDNF Mimetics programme. As far as we know, we are working on the first drug created by an Estonian company that is on track to reach the global market in the near future.”
Parkinson's disease continues to impact over ten million people worldwide.