RemedyBio completes €10.5M financing from European Innovation Council
RemedyBio, an immunology focused discovery and development company, today announces the final closing of an additional €8m in equity financing from the EIC Fund, completing a €10.5m funding award to the company by the EIC Accelerator.
RemedyBio’s technology is designed to rapidly and simultaneously analyse 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 COVID-19 infected patients, the platform is now being tuned to respond to new variants and future diseases. 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.
Commenting on the funding success of RemedyBio, Richard Stokes DCU's Director Commercialisation and CEO of DCU Invent said
“DCU is delighted to continue to work closely with the company as a shareholder. We have worked with Dr. Leonard for more than seven years to support the development of the underlying technology as an exciting platform for multiple therapeutic and diagnostic applications. Invent helped to make the case to raise additional research funding from Enterprise Ireland and managed the negotiations with other international partners prior to the formation of the company.
Invent played a key role in protecting the underlying intellectual property that has now been licensed exclusively to the spin-out company. 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."
Daniel Crowley, CEO of RemedyBio said:
“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. 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.”
Garrett Murray, national director for Horizon Europe at Enterprise Ireland said:
“At Enterprise Ireland, we welcome this substantial EIC Fund investment in an Irish high potential start-up. 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 start-ups considering applications for competitive EIC financing as part of their funding journey.”
Heidi Kakko, member of the Investment Committee of the European Innovation Council Fund said:
“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 COVID-19 response.”
About the EIC Fund
Established in June 2020, the European Innovation Council Fund (EIC Fund) is a breakthrough initiative of the European Commission to make direct equity and quasi- equity investments (between €500.000 and €15 million) in European high impact and deep tech start-ups and scale ups. The EIC Fund provides patient capital and invests in companies from any sector, across all EU countries and countries associated to Horizon 2020.