Urteste has an agreement with PARP for about PLN 38.3 million in funding for the Panuri project.

Urteste concluded an agreement with the Polish Agency for Enterprise Development (PARP) for the implementation and co-financing of a project regarding the development of Panuri and the submission of 9 patent applications in the PCT mode for Multi-Cancer, the company announced. The total value of the project is approximately PLN 68.1 million, and the value of PARP co-financing is approximately PLN 38.3 million.

The period of qualification of expenses and implementation of the project entitled “PANURI test – a highly effective and low-cost IVD test based on the enzymatic method for diagnosing pancreatic cancer in the early stages of development and international protection of industrial property rights of inventions in the form of IVD tests for determining other cancers based on the enzymatic method” started on May 10, 2023 The maximum duration of the project ends on December 30, 2029, it was announced.

The company has secured its own contribution to the granted subsidy and therefore does not plan to increase the share capital in the near future.

“The granted subsidy gives us great financial and operational comfort in the development of our priority Panuri project. We are getting closer to starting clinical trials in this project. A meeting with the FDA held in December as part of the pre-submission procedure confirmed the direction of our clinical development. Our proposed research protocol has been approved by the FDA. It is also very important that the implementation of the FDA’s suggestions will not significantly affect the schedule and budget of the study, which we will be able to carry out thanks to the grant. We plan to start clinical trials at the turn of the first and second quarter of 2024. The start of clinical trials will also allow us to intensify the M&A process of the Urteste technology. Global companies are most often interested in projects at the clinical development stage. In the first quarter of 2024, together with our advisor, Clairfield Partners LLC, we will start meeting potential partners who are on our short list,” said Grzegorz Stefański, president of Urteste, quoted in the release.

The planned result of the project will be an innovative diagnostic test for detecting pancreatic cancer, verified in clinical trials. As part of the internationalization module, the company will be able to file 9 patent applications in the PCT mode for the Multi-Cancer project covering countries generating a total of over 80% of global GDP. Currently, Urteste has 11 prototypes of diagnostic tests for cancer: breast, stomach, bile ducts, ovary, endometrium, kidney, colon, lung, liver, pancreas and prostate, which together account for nearly 65% of all cancer deaths in the world. The company’s goal is to develop another 4 prototypes of diagnostic tests in 2024.

Urteste also received a recommendation for co-financing the Panuri project from the National Center for Research and Development. The total value of the project is approximately PLN 56 million, and the NCBR co-financing amount is approximately PLN 11.4 million, completed.

Urteste specializes in creating innovative technology for detecting cancer at early stages of development. In May 2023, the company moved to the main market of the WSE from NewConnect, where it was listed from 2021.

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