2cureX agrees on final terms concerning an EUR 3 million grant from Horizon 2020
Press releases regulatory
2cureX AB (“2cureX”) today announces that the company has agreed on the final terms concerning the previously communicated awarded grant comprising EUR 3 million from the EU’s Horizon 2020 SME Program. The grant is given to finalize the clinical validation of the company’s IndiTreat™ product and to initiate market launch. The first payment of EUR 1.5 million will be transferred to 2cureX in March 2018.
As previously communicated, 2cureX was in May 2017 selected to receive an EUR 3 million grant from the EU’s Horizon 2020 SME Program. During the autumn of 2017, 2cureX has negotiated the terms with EU and the company can today announce that the final terms has been agreed. The grant is provided to 2cureX in three separate payments without any co-financing obligation. The first payment of EUR 1.5 million will be transferred to 2cureX in March 2018.
Partners to the grant are cancer hospitals in Denmark, Germany and the United Kingdom and also the patient organization EuropaColon. The involvement of Europe’s largest patient organization within colorectal cancer is crucial as 2cureX sees an active exchange between hospital professionals and patients as key in future treatment of cancer patients.
“With this prestigious grant from the EU’s Horizon 2020 program, we have today met an important milestone. The funds will ensure that we can fully execute our multinational clinical validation in colorectal cancer. Further we will be able to establish presence in the key European countries and initiate market launch of IndiTreat™. The EU-grant fully supports our business model and is a powerful endorsement of IndiTreat™ and of our business concept”, states the CEO of 2cureX, Ole Thastrup.
Clinical validation of IndiTreat™ in colorectal cancer was successfully initiated in October 2017 in Denmark. Interim results are expected to be available before summer of 2018. The clinical validation will in 2018 be extended to Germany (University Medical Center Hamburg-Eppendorf) and the United Kingdom (Queen Elisabeth Hospital Birmingham).
IndiTreat™ has been developed by 2cureX in its facilities at hospitals in Copenhagen and in Hamburg. Based on a small tissue sample of cancer patients´ tumors, IndiTreat™ can generate thousands of micro-tumors. These micro-tumors are challenged with a large panel of standard and investigational treatments to avoid resistance but rather find a treatment that can stop their growth or even kill the micro-tumors, and thereby identify the most efficacious treatment for the individual patient.
IndiTreat™ is initially addressing the colorectal cancer market. Colorectal cancer is together with lung cancer ranked as the most common cause of cancer deaths in Europe. The annual European market for IndiTreat™ in this cancer entity is estimated to be approx EUR 700 million.
Sedermera Fondkommission is the Certified Adviser of 2cureX.
For more information about 2cureX:
Ole Thastrup, CEO
Phone: +45 22 11 53 99
This information is information that 2cureX AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, on January 22nd, 2018.
2cureX has developed IndiTreat ™ (Individual Treatment Design) – a patented method for selecting the right drug for the right patient, thereby improving cancer treatment. Initially, IndiTreat™ is targeted towards colorectal cancer; but the method is applicable to additional cancer indications (e.g. ovarian, breast and kidney cancer). The company is listed at the Nasdaq First North stock exchange in Stockholm (symbol “2CUREX”).