Ryvu Therapeutics will receive over PLN 100 million (EUR 22 million) from the European Investment Bank (EIB) in financial support to accelerate research work on innovative therapies for hematological cancers and solid tumors, including the further development of clinical trials in Phase I, remaining 100 % owned by the RVU120 project company, the company and bank said. These funds will be made available by the EIB through venture debt financing, tailored to the specific financing needs of fast growing, innovative companies. The financing is guaranteed by the European Fund for Strategic Investments (EFSI), part of the Investment Plan for Europe, it said. “Funding projects in the area of research, development and innovation is one of the priority actions of the European Investment Bank. The importance of innovation in the field of biotechnology manifested itself particularly strongly during the pandemic crisis. We are delighted to be able to help such an ambitious company as Ryvu Therapeutics, which has already achieved significant success in the field of drug development and development. The EIB investment will help strengthen the potential and competitiveness of Ryvu in the area of research, development and innovation, which will ultimately be beneficial for patients, "said EIB Vice-President Teresa Czerwińska, quoted in the press release. The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by the Member States. The EIB provides long-term financial support for well-prepared investments, thus contributing to the achievement of EU policy objectives. Ryvu Therapeutics was founded in 2007 (as Selvita). It is a Polish biotechnology company developing innovative small molecule compounds with therapeutic potential in oncology. Ryvu Therapeutics is listed on the main market of the Warsaw Stock Exchange. Source
19.08.2022