As the world suffers from an unprecedented level of health crisis caused by the pandemic, addressing clinical limitations of current treatments and providing patients with access to innovative therapies has never been more critical.
Polish cancer drug developer Ryvu Therapeutics has raised €22 million in funding from the European Investment Bank (EIB) via its venture debt instrument. The European Fund for Strategic Investments, part of the Investment Plan for Europe, is backing this funding with a guarantee.
The funds will be used to accelerate the development of new therapies to treat severe blood cancers and solid tumours. This includes further clinical development of its lead programme, RVU120, a selective CDK8 kinase inhibitor in clinical development for the treatment of acute myeloid leukaemia and high-risk myelodysplastic syndromes, as well as solid tumours.
The Polish clinical-stage drug discovery and development company is focusing on novel small molecule therapies that address unmet medical needs in oncology. The EIB’s support will help Ryvu finance its development pipeline of new cancer treatments from discovery through to clinical trials.
With research and development activities based in Kraków, the additional investment in Ryvu will contribute to the creation of new highly skilled jobs and encourage economic growth in the region.
Pawel Przewiezlikowski, CEO of Ryvu Therapeutics said: “Ryvu aims to develop new and potentially life-saving medicines. This funding will help us to facilitate our clinical-stage oncology pipeline, including RVU120 in clinical development for the treatment of hematologic and solid tumours, as well as earlier stage projects.”
EIB vice president Teresa Czerwińska added: “Financing projects within the field of research, development and innovation is one of the EIB's top priorities and is especially relevant today, as the world suffers from the health crisis caused by the pandemic. Support for innovative companies like Ryvu specialising in advanced biotech research is clearly needed and we are delighted to assist this ambitious company, which has a notable drug discovery and development track record. The EIB’s investment will strengthen Ryvu Therapeutics’ research, development and innovation capacity and competitiveness for the wider social benefit.”
In 2021, the EIB provided €6.5 billion in financing to projects in Poland. Part of this financing — equivalent to €1.5 billion — went to projects directly related to innovation, research, digital transformation and the development of human capital.