Genome Biologics secures up to €9.8M in equity funding from the EIC Accelerator to accelerate development of its clinical programs for the prevention of cardiotoxicity and heart damage – an area of huge unmet need within the EU and globally
Frankfurt, Germany -- Genome Biologics UG, Frankfurt, Germany, today announced that they have been awarded up to 9.8 million euros of equity funding through the European Innovation Council (EIC) Accelerator program to accelerate their breakthrough innovations in cardiovascular drug discovery and development.
Cardiovascular diseases account for the majority of mortality and disability globally, accounting for 32% of all global deaths. Over €100 bn euros, or 50% of the total European healthcare budget is spent treating patients with heart diseases.
The EIC accelerator was established to support individual start-ups and small companies to develop and scale up game changing innovations. With the EIC support this funding will enable Genome Biologics to accelerate development of its clinical programmes, including for the prevention of cardiotoxicity and heart damage – an area of huge unmet need within the EU and globally.
Genome Biologics are grateful for the support from the European Commission and the EIC Fund, who share our ambition to unlock the potential of our integrated technology platform for cardiovascular disease drug discovery and development, in order to bring our therapies to patients that need them.
‘’We are proud to be one of the first companies in Europe to be selected to receive all of the EU’s financial instruments to support biotech SME’s, including the Horizon 2020 SME Instrument Phase 1 and 2, and now the EIC accelerator, to put Genome Biologics on a path to becoming one of the first European biotech unicorns. With the EIC’s continued support, our technologies and drug pipeline have the potential to disrupt and revolutionize treatments for heart disease and tackle the larger burden of cardiovascular disease in the EU’’, said Jonathan Ward, CEO of Genome Biologics.