RemedyBio, a Dublin-based nanoscale biotechnology business, has received €8 million in equity capital from the European Commission, bringing the total funding amount to €10.5 million.
The European Innovation Council (EIC) Accelerator provided funds to the Dublin City University (DCU) spin-out company last year, and it has now obtained equity funding through the newly created EIC Fund.
RemedyBio will be able to continue developing its Rapid Pandemic Response Platform and Nanoreactor Immune Discovery Platform thanks to the investment.
The company’s technology is meant to analyze millions of single immune cells from a single sample quickly and concurrently. After its quick response platform identified potent novel antibodies against SARS-CoV-2 from the immune systems of Covid-19 patients, it has already contributed to the scientific understanding of Covid-19.
It is presently being fine-tuned to respond to new variants and future diseases, with the goal of developing a quick passive therapy against new Covid-19 strains and assisting in the prevention of future pandemics by having new virus therapeutics available in less than 90 days.
RemedyBio’s CEO, Dan Crowley, expressed his joy that the company had obtained money from the EIC. It bridges a significant funding vacuum by assisting European businesses with new technology in developing long-term scientific programmes and commercial partnerships. In our instance, this will lead to ground-breaking biological discoveries and new therapies. Crowley went on to say that the money would allow the company to form new collaborative working connections with pharmaceutical companies and clinical research organizations.
DCU’s commercialization director and CEO of DCU Invent, Richard Stokes, said the university was fortunate to have spent seven years working with RemedyBio’s principal scientist and co-founder, Dr. Paul Leonard. The European EIC grant financing and equity funding are novel instruments for supporting the development of breakthrough technology like this, and they complement the Irish government’s much-welcomed Disruptive Technology Innovation Funding.
The European Commission launched the EIC Fund last year as a ground-breaking effort to make direct equity and quasi-equity investments in European high-impact and deep-tech start-ups and scale-ups.
It invests in enterprises from various sectors within the EU, as well as countries affiliated with the EU’s Horizon 2020 research and innovation initiative.