Date: 2015-12-29
Type of information: Loan
Company: Oryzon Genomics (Spain)
Investors: Ministry of Economy and Competitiveness of the Spanish Government (Spain)
Amount: $ 1.3 million (€ 1.18 million)
Funding type: loan
Planned used: The two loans will cover the funding of two projects, which are currently being worked on under the leadership of Oryzon in collaboration with various public and private institutions. Both projects carry a 34 month duration starting from March 1, 2015 and ending December 31, 2017. One of the loans relates to the project entitled “Evaluation of the efficacy of epigenetic inhibitors in
experimental models of human pathologies”, which will be performed in collaboration with Autonomous University of Barcelona and Bosch i Gimpera Foundation. The total budget of this project is approximately $ 1.1M. The project encompasses further investigations of the role of ORY-2001 and other compounds in various neurological disorders, such as Huntington’s disease.
The other loan will be utilized to fund the project entitled “Discovery and combination of new therapies for the treatment of cancer based on the modulation of epigenetic targets and the receptors of adenosine.” The participants for this project include Oryzon, Palo Biopharma, the University of Santiago de Compostela and Leitat Technological Center, all located within Spain. The total budget for this project is close to $ 1.7 million. This project is dedicated to exploring the role of new inhibitors directed to epigenetic targets other than LSD1 in cancer. The project will also examine the potential synergies of new epigenetic inhibitors with Adenosine receptor antagonists.
Others: * On December 29, 2015, Oryzon Genomics, a clinical-stage biopharmaceutical company leveraging epigenetics to develop therapies
in oncology and neurodegenerative diseases, announced that the company was granted two unsecured concessional loans from the Ministry of Economy and Competitiveness, Government of Spain, and with the participation of the UE (FEDER funds). The loan was included under the RETOS Collaboration 2015 program. Oryzon will receive approximately $ 1.3 million (multiyear disbursements) for
further development of its epigenetic inhibitors against neurodegenerative and oncologic indications. The loans are to be reimbursed during 10 years, including a 3-year grace period. The loans have a subsidized fixed interest rate of 0.329%. Additionally, the public institutions that collaborate in these projects will receive the funds to cover all the costs of their experimental research from the Government in the form of a nonrefundable grant.
Therapeutic area: Cancer - Oncology - Neurodegenerative diseases
