VarmX Receives Funding From EIC Accelerator To Support Scaling And Manufacturing Of VMX-C001 | Business
LEIDEN, The Netherlands – (BUSINESS WIRE) – October 21, 2021–
VarmX, a biotechnology company focused on developing innovative approaches for reversing anticoagulation, has received up to € 17.5 million from the European Innovation Council (EIC) accelerator, subject to negotiation, to increase and accelerate the cost-effective manufacture of its lead compound, VMX-C001.
The EIC Accelerator aims to support start-ups and small and medium-sized enterprises (SMEs) in the development and scale-up of breakthrough innovations. The fund is able to provide non-dilutive grants and direct equity investments to companies up to a combined possible total of EUR 17.5 million, to support innovative development, scale-up and other relevant costs.
VarmX is one of 65 selected start-ups and SMEs, located in 16 countries, which will together receive 363 million euros in funding for breakthrough innovations. Based on the project’s assessment criteria for excellence, scalability and level of risk, a panel of expert independent reviewers and EIC jury members recommended that VarmX receive the maximum funding allowed. , subject to negotiation. As a member of the EIC community, VarmX will also enjoy other benefits, including coaching, mentoring, and access to investors and businesses.
The funding will be used to support the lead compound of VarmX, VMX-C001, which is being developed for the treatment of severe spontaneous bleeding in patients taking direct oral factor Xa anticoagulants (FXa DOAC) and for the prevention of bleeding in patients. patients taking FXa DOAC who require emergency surgery.
Currently, more than 10 million patients in the United States and Europe are treated with AOD FXa as an anticoagulant therapy for chronic indications, such as the prevention of stroke in people with atrial fibrillation and the prevention of deep vein thrombosis. Each year, 2-3% of these patients experience severe spontaneous life-threatening bleeding. In addition, a significant number of patients taking AOD FXa require urgent surgery, with an associated risk of bleeding. The VMX-C001 is insensitive to FXa DOACS and able to restore the coagulation cascade. It is expected to offer a number of clinical advantages, including universal dosage regardless of the AOD FXa used, ease of administration, and absence of pro-thrombotic risk.
Jan Ohrstrom, CEO of VarmX, commented:“We are delighted to have been selected and grateful to the EIC for its support in accelerating the progression of our flagship compound, VMX-C001, into the next phase of its development. The grant is a testament to both the quality of the preclinical data for our product and the importance and potentially life-saving impact of VMX-C001 for future patients. We look forward to the benefits of being a member of the IEC community.
VarmX is a spin-off pharmaceutical company of Leiden University Medical Center (LUMC), founded in 2016 by Professor Pieter Reitsma, a global expert in hemostasis and thrombosis. The main compound in VarmX, VMX-C001, is a modified recombinant blood factor X based on the venom of the Australian brown snake, Pseudonaja textilis. The compound is being developed for the treatment of severe spontaneous bleeding in patients taking oral factor Xa inhibitors (FXa DOAC) as an anticoagulant therapy and for the prevention of bleeding in patients taking FXa DOACS who require surgery. emergency. In July 2020, the Company raised € 32 million as part of a Series B financing, backed by a strong syndicate of investors including Ysios Capital, INKEF Capital, Lundbeckfonden Ventures, LSP, BioGeneration Ventures and the regional economic development InnovationQuarter. For more information: www.varmx.com.
Dr. Jan Öhrström, CEO Instinctif Partners (media inquiries)
Mélanie Toyne-Sewell / Katie Duffell
Email: [email protected]
KEYWORD: NETHERLANDS EUROPE
INDUSTRY KEYWORD: HEALTH BIOTECHNOLOGY
Copyright Business Wire 2021.
PUB: 10/21/2021 1:00 a.m. / DISC: 10/21/2021 1:02 a.m.
Copyright Business Wire 2021.