The European Investment Bank (EIB) and the Italian biotech company EryDel SpA have agreed a deal to provide EryDel with a EUR 30 million loan. This late-stage pharmaceutical business plans to develop and sell drugs for the treatment of genetic diseases based on its patented RBC technology. The loan from the EU bank is backed by a guarantee from the European Fund for Strategic Investments (EFSI), the main pillar of the Investment Plan for Europe under which the EIB and the European Commission work together as strategic partners, with financing operations by the EIB boosting the European economy ‘s competitiveness.
The patented software technology from EryDel is an easy-to-use, simple and also automated bedside technique for encapsulating small and large molecules like therapeutic enzymes in the red blood cells of patients. The cells are re-infused into patients immediately, delivering extended circulatory half-life, decreased immunogenicity, also improved tolerability and consistent vascular delivery.
Italian biotech rises
The most promising drug of EryDel is developing for treating AT, a rare neurodegenerative child condition that causes serious disabilities. RBC technologies from the EryDel application can also treat other rare diseases. The funds will benefit the company’s continuing R&D and its affiliate network which includes research institutes, health centers and patient groups.
Economics Commissioner Paolo Gentiloni said that. “The European Investment Fund has a very good track record of finding. Also promoting creative development companies. With the funding of the Italian firm EryDel and its innovative RBC technologies. We will help expand the limits of what is feasible for the good of patients in Europe. Also around the world in the treatment of rare diseases.
Dario Scannapieco, EIB Vice-President commented as follow. “The fact that EryDel is designing treatments for extremely rare diseases is all the more reason. That we are also proud to support this project. With the EFSI ‘s backing. The EIB is happy to fund the development of their autologous RBC encapsulation treatment. For EryDel to treat very severe childhood diseases. As the bank of the European Union. We will also ensure that young creative EU-based businesses continue to have access to funding. So that they can sell their innovations to better change the lives of citizens.