Norwegian Cancer Society To Invest Euros 0.5 Million In Vaccibody’s VB10.16 HPV Vaccine
5/1/2014 6:40:55 AM
Oslo, May 1, 2014; - Vaccibody, the Norwegian vaccine company, today announced that the Norwegian Cancer Society is to invest Euros 0.5 million in its HPV therapeutic vaccine programme. The investment is thefirst of its kind by the Society and will be used to take lead candidate VB10.16 into Phase I/IIa trials in early 2015.
The investment is the first from an approximate Euros 10 million that the Society has put aside over a five years period for investments in start-up oncology companies. According to Secretary General Anne Lise Ryel, there is a clear need: “Many promising ideas get stranded in the gap between the end of public funding and the building of an acceptable risk profile for investors. We want to bridge that gap and in the process potentially help the 3000 women in Norway alone who are operated on each year for precancerous cervical lesions.”
According to CEO Ole Henrik Brekke, NCS investment is the first step in a new funding round to enable clinical trials to be initiated: “We are delighted to be the first recipient of NCS funds which will kickstart our drive for Euros 3-5 million as we aim to take VB10.16 into the clinic early next year.”
Ryel also hopes the NCS investment will encourage others: “When an organization such as ours invests after conducting extensive due diligence, we anticipate it will act as a catalyst for other investors. Similarly we hope that our donors, the Norwegian public funding bodies and authorities also get an “aha –moment” when they see our funds being put to practical use in developing new drugs and treatments.”
The Norwegian Cancer Society. In 2012 the Norwegian Cancer Society received Euros 50 million in donations, membership fees and returns on investment. The Cancer Society now provides around Euros 25 million annually for research into cancer, in addition to the new funds that will now go to start-up businesses.
For more information contact:
Ole Henrik Brekke, CEO
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