On March 6, 2024 Ryvu Therapeutics (WSE: RVU), a clinical-stage drug discovery and development company focusing on novel small molecule therapies that address emerging targets in oncology, reported that on March 5, 2024 it has received formal confirmation of the fulfillment of the conditions necessary for the disbursement of the Tranche A of EUR 8 million venture debt from the European Investment Bank (EIB), under the financing agreement concluded on August 16, 2022 (Press release, Ryvu Therapeutics, MAR 6, 2024, View Source [SID1234640885]).[KS1] [JJ2] The offer of disbursement of Tranche A was issued by EIB, among other factors specified in the financing agreement, due to the successful transition of the RVU120 program from Phase I to Phase II of clinical development. The company is expecting to receive PLN 8 million payment on March 13, 2024.
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In August 2022, Ryvu announced that the EIB would provide up to a total of EUR 22 million, and this EUR 8 million represents the first tranche. The funds are being provided under the EIB’s venture debt instrument, which is tailored to the specific financing needs of high-growth innovative companies. The European Fund for Strategic Investments, part of the Investment Plan for Europe, is backing this funding with a guarantee.
"We are excited that the progress of RVU120 now allows us to access the funds to help accelerate the development of our lead program and the rest of Ryvu’s pipeline. Together with different sources, the financing secures Ryvu’s cash runway until Q1 2026.", said Pawel Przewiezlikowski, Chief Executive Officer of Ryvu Therapeutics. "We expect that further progress on Phase II RVU120 clinical development will enable Ryvu to fulfill the requirements and obtain the remaining EUR 14 million from the EIB."
The EIB’s financial support will help Ryvu finance its development pipeline of new cancer treatments, from discovery to clinical trials. Ultimately, Ryvu aims to address the clinical limitations of current treatments in oncology and provide patients with access to innovative therapies for hematologic and solid tumors.