EIB supports Danish biopharmaceutical company AntibioTx in fighting multi-drug resistant bacteria
Today, the European Investment Bank and AntibioTx A/S, a private Danish biotech company, signed a EUR 20m loan agreement to develop the first treatment from a potentially new class of antibiotics. This EIB operation is supported by “InnovFin – EU Finance for Innovators”, a new generation of financial instruments for innovative and growth companies, with the financial backing of the European Union under Horizon 2020 Financial Instruments.
Multi-drug resistant bacteria are an increasing global public health concern. They threaten our ability to treat common infectious diseases, resulting in prolonged illness, disability, and even death.
“Since the 1970’s only a few new antibiotic classes have been introduced,” said EIB Vice-President Alexander Stubb. “Therefore we are proud to support AntibioTx’ clinical development, which we hope will make a difference in fighting multi-drug resistant bacteria.”
AntibioTx has identified and patented a new class of antibiotics, which will potentially contribute to addressing current and future problems of antibiotic resistance. Studies have demonstrated that AntibioTx lead compound effectively overcomes current multi-drug resistant bacteria and clearly exceeds current, marketed antibiotics in delaying the onset of new resistance.
Specifically, the EIB loan will co-finance late-stage clinical trials for treatments of skin infections, based on AntibioTx’ patent portfolio.
“The financing from EIB provides valuable support to the development of our pipeline contributing to our vision to becoming a sustainable innovator of treatment options at the intercept of microbiology and immunology,” said AntibioTx CEO Rasmus Toft-Kehler.
Carlos Moedas, European Commissioner for Research, Science and Innovation, said: "SMEs drive the innovation needed to combat antimicrobial resistance. To bring their ideas to the patients, they need funding that is often difficult to obtain. I am delighted that Horizon 2020, EU's research and innovation programme, is helping these companies advance their clinical research and ultimately improve people's health."
The European Investment Bank (EIB) is the long-term lending institution of the European Union and is owned by the EU Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals. In 2016, EIB financing in Denmark amounted to EUR 0.4 billion, with the main focus on projects promoting infrastructure, innovation and smaller companies (for more details please click here).
AntibioTx is a privately held, clinical stage, pharmaceutical company focusing on the development of a novel class of antibiotics with a new mechanism of action to treat bacterial infections and related disorders that are currently causing harm to millions of patients worldwide.
InnovFin Infectious Diseases enables the EIB to provide between €7.5 million and €75 million to innovative companies active in developing vaccines, drugs, medical and diagnostic devices, and research infrastructures for combatting infectious diseases. Financing is aimed at projects that have passed the pre-clinical stage and for which clinical validation is needed for further development.
Under Horizon 2020, the EU research programme for 2014-2020, the European Commission and the EIB Group (EIB and EIF) have launched a new generation of financial products and advisory services to help innovative firms access finance more easily. InnovFin – EU Finance for Innovators offers a range of tailored products which will make more than €15 billion of financing support for research and innovation (R&I) available to small, medium and large companies and the promoters of research infrastructures. This finance is expected to support up to €48 billion of final research and innovation investments.