Summary sheet
IO Biotech is a clinical-stage biopharmaceutical company developing novel, immune-modulating cancer vaccine therapies based on an innovative proprietary technology platform. The project involves the development of an innovative immunotherapeutic cancer vaccine to treat melanoma. With its broad applicability, this vaccine has the potential to become the new standard of care in cancer treatment.
The project's objectives are: (i) finalising the development of the company's lead product candidate (ii)expanding the company's pipeline of product under development iii) strengthening the company's technology platform.
The project is in line with the InvestEU objective of promoting research, development and innovation. The purpose of the loan is to provide direct equity-type financing under the INVESTEU General debt benefiting from a partial EC guarantee, to finance research and development activities of an innovative biotechnology company IO Biotech. IO Biotech's expertise lies in the discovery of innovative immunotherapies targetting areas of unmet clinical need. Creation of knowledge and support of skilled jobs in Denmark will further contribute positively towards the EU's 3% RDI intensity target.
The financing structure is adjusted to the investment needs of the Company, with a long tenor and deferred interest, while most of the EIB remuneration will come in a form of warrants, minimising cash outflows. The project would not have been carried out (to the same extent) by the EIB without the InvestEU support.
The specific RDI activities included in the project are expected to be performed in existing facilities without changing their already authorised scope. Therefore, the project activities would not require an Environmental Impact Assessment (EIA) under the Directive 2014/52/EU amending the Directive 2011/52/EU (amended by). Full environmental details will be verified during appraisal.
Procurement: The Bank will require that all project contracts are procured in accordance with the applicable EU procurement legislation.