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Formycon AG / Key word(s): Financing/Miscellaneous
Formycon receives Euro 12.7 million grant for further development of COVID-19 drug FYB207 as part of the Bavarian Therapy Strategy to combat the COVID-19 pandemic
12-Jul-2021 / 06:58 CET/CEST
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Publication of insider information in accordance with Article 17 of the Regulation (EU) No 596/2014 Ad Hoc Announcement // July 12, 2021
Formycon receives Euro 12.7 million grant for further development of COVID-19 drug FYB207 as part of the Bavarian Therapy Strategy to combat the COVID-19 pandemic
Munich - Formycon AG (ISIN: DE000A1EWVY8/ WKN: A1EWVY) announced today that it has received the final notification for a grant from the Bavarian Ministry of Economic Affairs, Regional Development and Energy in the amount of Euro 12.7 million to support the further development of the COVID-19 drug FYB207.
The funding will support the currently ongoing preclinical development, the production of the investigational product under GMP conditions, and the clinical testing of FYB207 in a phase I/IIa trial, which is scheduled to start in the fourth quarter of 2021.
FYB207 is a long-acting ACE2-immunoglobulin fusion protein. SARS-CoV-2 and other coronaviruses use the ACE2 protein on the surface of human cells as a portal of entry for respiratory infections. Formycon has therefore fused the human ACE2 protein to the constant part of human immunoglobulin G4 (IgG4) using computer-aided structural design and created FYB207, a very effective SARS-CoV-2 blocker that has shown in vitro to completely prevent cells from infection.
As part of the Bavarian Therapy Strategy to combat the COVID-19 pandemic, the Free State of Bavaria had created the opportunity to support development and innovation projects that aim to open up new therapy options for the treatment of the infectious disease induced by the SARS-CoV-2 coronavirus with the funding call "BayTherapie 2020" and the provision of a total of up to Euro 50 million.
About Formycon:
Formycon is a leading, independent developer of high-quality biopharmaceutical medicines, especially biosimilars. The company focuses on treatments in ophthalmology, immunology and on other key chronic diseases, covering the entire value chain from technical development to the clinical phase III as well as the preparation of dossiers for marketing approval. With its biosimilars, Formycon is making a major contribution towards providing as many patients as possible with access to vital and affordable medicines. Formycon currently has four biosimilars in development. Based on its extensive experience in the development of biopharmaceutical drugs, the company is also working on the development of a COVID-19 fusion protein.
Contact:
Sabrina Müller
Senior Manager Corporate Communications and Investor Relations
Formycon AG
Fraunhoferstr. 15
82152 Martinsried/Planegg/Germany
phone +49 (0) 89 - 86 46 67 149
fax + 49 (0) 89 - 86 46 67 110
Sabrina.Mueller@formycon.com // www.formycon.com
Disclaimer:
This press release may contain forward-looking statements and information which are based on our current expectations and certain assumptions. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, performance of the company, development of the products and the estimates given here. Such known and unknown risks and uncertainties comprise, among others, the research and development, the regulatory approval process, the timing of the actions of regulatory bodies and other governmental authorities, clinical results, changes in laws and regulations, product quality, patient safety, patent litigation, contractual risks and dependencies from third parties. With respect to pipeline products, Formycon AG does not provide any representation, warranties or any other guarantees that the products will receive the necessary regulatory approvals or that they will prove to be commercially exploitable and/or successful. Formycon AG assumes no obligation to update these forward-looking statements or to correct them in case of developments which differ from those anticipated. This document neither constitutes an offer to sell nor a solicitation of an offer to buy or subscribe for securities of Formycon AG. No public offering of securities of Formycon AG will be made nor is a public offering intended. This document and the information contained therein may not be distributed in or into the United States of America, Canada, Australia, Japan or any other jurisdictions, in which such offer or such solicitation would be prohibited. This document does not constitute an offer for the sale of securities in the United States.
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