On October 17, 2019 Onxeo S.A. (Euronext Paris, NASDAQ Copenhagen: ONXEO), ("Onxeo" or "the Company"), a clinical-stage biotechnology company specializing in the development of innovative drugs targeting tumor DNA Damage Response (DDR) in oncology, in particular against rare or resistant cancers, reported that the Company has signed a collaboration agreement with the French State and the Île-de-France Region as part of the Innov’up Leader program PIA (Program of Investments for the Future) with funding of €495,000 (Press release, Onxeo, OCT 17, 2019, View Source [SID1234542331]).
Schedule your 30 min Free 1stOncology Demo!
Discover why more than 1,500 members use 1stOncology™ to excel in:
Early/Late Stage Pipeline Development - Target Scouting - Clinical Biomarkers - Indication Selection & Expansion - BD&L Contacts - Conference Reports - Combinatorial Drug Settings - Companion Diagnostics - Drug Repositioning - First-in-class Analysis - Competitive Analysis - Deals & Licensing
Schedule Your 30 min Free Demo!
The programme, funded in equal amounts by the State and the Region, aims to accelerate the emergence of future leaders in their market who can claim international scope and are the driving force of disruptive innovation projects.
The winning project of Onxeo involves the development of a drug candidate targeting new therapeutic targets in immuno-oncology. Derived from the platON platform, it will be based on the principle of a decoy agonist oligonucleotide, as AsiDNA is. The sum of €495,000, granted by public partners to the co-financing, represents 50% of the total amount of the project and consists of a grant of €330,000 and a repayable advance of €165,000. It is paid in two instalments, with a first payment upon signing of the contract.
"We are very pleased with this funding, which will allow us to accelerate the expansion of our pipeline of drug candidates. With this project, we capitalize on our expertise in the field of DDR and decoy-oligonucleotide drugs, while targeting the very attractive and booming field of immuno-oncology." stated Judith Greciet, Chief Executive Officer of Onxeo.