This grant represents the first big step forward for the company as it looks for further funding from investors to bring its novel Myc inhibitors closer to clinical application in cancer.
The grant was funded in February 2016 by the European Commission as part of the Horizon 2020 European Union program for research and innovation. The SME Instrument Phase I provides 50.000 € towards a total of 72.142 € required for this stage of development. The outcome will be a feasibility study of Peptomyc’s novel treatment for cancer based on recombinant peptide therapy.
Notably, this was the only project funded in Europe for biotechnology in this call.