€25 million to support clinical developments against long Covid

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GeNeuro, a biopharmaceutical company developing novel treatments for neurodegenerative and autoimmune diseases such as multiple sclerosis (MS), amyotrophic lateral sclerosis (ALS) and the severe consequences of Covid-19, (PASC, post-Covid or long Covid), has entered into a credit agreement for a total amount of up to €25 million with the European Investment Bank (EIB), supported by the InvestEU programme.

Jesus Martin Garcia, CEO of GeNeuro, said: “This support demonstrates the authorities’ growing concern about this serious public health problem. The first €7 million of this funding contributes to the development of the Phase II clinical study in long Covid, the first results of which should be available by the end of this year.”

Ambroise Fayolle, Vice President of the European Investment Bank, added: “After having supported the prophylactic vaccines and treatments for acute cases, EIB, through the financing of GeNeuro, will foster the development of therapeutics for long Covid. GeNeuro is one of the very first biotech beneficiaries of the European Union’s new InvestEU programme, which provides the EIB with additional resources. This transaction complements the cycle of Covid-19 related syndromes tackled by innovative European biotech companies that benefited from EIB support through its venture debt programme”.

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