EIB provides Minoryx with up to $29 Million to Advance Therapies for Orphan CNS Disorders
November 2, 2020
Rare Daily Staff
The European Investment Bank is providing Minoryx Therapeutics up to $29 million (€25 million) in financing to support development of treatments for rare neurodegenerative diseases for which there are currently no approved drugs available.
The EIB investment will specifically support the development of Minoryx’s leriglitazone, a differentiated, disease-modifying PPAR-γ agonist currently being evaluated in three late-stage clinical trials: the pivotal phase 2/3 ADVANCE study in adrenomyeloneuropathy (AMN), the chronic form of X-ALD (X-linked adrenoleukodystrophy) with onset in adulthood that is characterized by progressive neurodegeneration of the spinal cord and results in progressive motor dysfunction; the
phase 2 NEXUS study in cerebral adrenoleukodystrophy (cALD), the most aggressive form of X-ALD that typically affects children between 2 and 12 years of age and results in brain inflammation that leads to rapid cognitive decline and death; and the phase 2 FRAMES study in Friedreich’s ataxia, a life-threatening disease characterized by neurodegeneration that results in loss of coordination, muscle strength, and cardiomyopathy.
Minoryx is on track to report topline data from the pivotal ADVANCE study before the end of the year.
“We are very happy to sign an agreement that reaffirms the EIB’s commitment to fostering innovation in the healthcare sector by driving the development of new treatments that will have a positive impact on the quality of life of people affected by rare diseases of the central nervous system,” said Ricardo Mourinho Félix, EIB vice-president responsible for the EIB’s operations in Spain. “Our support for the research program of Minoryx, a Spanish biotech company, will also help to improve the competitiveness of the European pharmaceutical industry and create highly skilled jobs.”
Estimates indicate that the investment in this research, development, and innovation (RDI) project will help create more than 50 jobs during the implementation phase. The EIB will provide the funds by way of a venture debt operation under the European Fund for Strategic Investments (EFSI), a financing instrument used by the EU bank to assist leading companies in innovative research sectors.
Since it was launched by the EIB under the Juncker Plan in 2016, this initiative has granted more than €2 billion in financing for projects in sectors such as robotics, artificial intelligence and biomedicine. EIB venture debt financing targets European companies with up to 3,000 employees in the fields of biotechnology and health sciences, software and ICT, engineering and automation, and renewable energy and clean technology.
Photo: Ricardo Mourinho Félix, EIB vice-president responsible for the EIB’s operations in Spain
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