Ryvu Therapeutics raises 22 million euros from the EIB to work on new cancer treatments
The European Investment Bank (EIB) is providing €22 million ($22.4 million) in financing to Ryvu Therapeutics, a Polish clinical-stage drug discovery and development company focused on novel therapies molecules that address unmet medical needs in oncology.
The financing is provided under the EIB’s sub-prime debt instrument, which is tailored to the specific financing needs of innovative high-growth companies. The European Fund for Strategic Investments, which is part of the Investment Plan for Europe, accompanies this financing with a guarantee.
The EIB support will help Ryvu fund its pipeline of developing new cancer treatments from discovery to clinical trials. Ultimately, Ryvu aims to address the clinical limitations of current oncology treatments and provide patients with access to innovative therapies for hematologic and solid tumors.
EIB Vice-President Teresa Czerwińska said: “The financing of projects in the field of research, development and innovation is one of the main priorities of the EIB and is particularly relevant today. , as the world suffers from the health crisis caused by the pandemic. The support of innovative companies like Ryvu specializing in advanced biotechnology research is clearly needed and we are delighted to support this ambitious company, which has an outstanding track record in drug discovery and development.
“The EIB investment will strengthen Ryvu Therapeutics’ research, development and innovation capacity and competitiveness, to the benefit of society at large.
Biotech in Poland
“We are very pleased to receive funding from the European Investment Bank, which plays such an instrumental role in providing financial support to innovation-driven companies like Ryvu seeking to develop new medicines that can save lives,” said Pawel Przewiezlikowski, CEO of Ryvu Therapeutics.
“We would like to thank the EIB for their collaboration, as this funding will help Ryvu continue to advance its clinical-stage oncology pipeline, including RVU120 in clinical development for the treatment of hematological and solid tumors, as well as future projects. an early stage.
Ryvu Therapeutics is already one of the main employers of biotechnology researchers in Poland. With R&D activities based in Krakow, the additional investment in Ryvu will contribute to the creation of new highly qualified jobs and encourage economic growth in the region.