Clinical-stage drug discovery company Ryvu Therapeutics has received €22 million from the European Investment Bank (EIB) to help it advance its portfolio of cancer treatments.
The funding, which is being provided under the EIB’s venture debt instrument, will help Ryvu finance its development pipeline of new cancer treatments from discovery through to clinical trials. Ryvu’s pipeline consists of small molecule therapies that it hopes can address the clinical limitations of current oncology treatments and provide patients with therapies for haematologic and solid tumours.
Ryvu is one of the main employers of biotech researchers in Poland. The additional investment in the company could lead to the creation of new jobs in the Kraków region, where the company’s R&D activities are based.
“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 that seek to develop new and potentially life-saving medicines,” said Pawel Przewiezlikowski, Chief Executive Officer of Ryvu Therapeutics. “We would like to thank the EIB for their collaboration, as this funding will help Ryvu continue to advance 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 said: “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.”