Irish Biotechnology company RemedyBio has received a multi-million euro funding award from the European Innovation Council (EIC) Accelerator pilot for its COVID-19 Response Technology. The company was awarded €2.5M in grant funding and a significant additional equity financing from the EIC Accelerator, which targets radically new, breakthrough products, services, processes or business models that open up new markets.
RemedyBio was selected from almost 4,000 companies who submitted proposals to the EIC Accelerator Pilot in March, from which 72 secured funding across Europe.
The Dublin based company, supported by Enterprise Ireland, creates nanoscale biotechnology, pioneering ultra-high throughput therapeutic and diagnostic discovery. The company’s flagship Nanoreactor technology, developed through a multi-year partnership with Dublin City University, massively improves the speed and scale of single cell analysis.
RemedyBio CEO and Co-Founder Dan Crowley said; “Remedy’s unique advantage is in the discovery of immune biology to fight disease with unmatched precision in areas such as cancer, immune disorders, and infectious disease. We greatly welcome EIC’s support for our technology to develop a long term pandemic response platform to protect Europe from future pandemics, as well as enabling development of our advanced passive therapy for Covid-19”.
RemedyBio’s technology is designed to rapidly and simultaneously analyse millions of single immune cells from an individual sample. In the context of COVID-19, this presents an opportunity to rapidly identify the best antibodies from the immune systems of COVID-19 infected patients for which to create a rapid passive therapeutic vaccine for those that are critically ill from the virus.
Paul Leonard, Chief Scientific Officer and Co-Founder RemedyBio, added “EIC’s support will allow RemedyBio to industrialise our technology to help in the fight against Covid-19 and future pandemics, getting better medicines to patients, faster. This award also recognises the support RemedyBio have received from Enterprise Ireland, Science Foundation Ireland and DCU who has been a key partner to us in helping Remedy create one of the worlds most advanced discovery engines to fight COVID-19”.
DCU President, Professor Brian MacCraith added; “This EIC investment is a major endorsement of RemedyBio’s groundbreaking innovation that will enable high-throughput identification of the optimal antibodies of COVID-19-infected patients for which to create therapeutic vaccines. DCU is delighted to have been part of this success and will continue to support Paul and his team in their work, as they make key advances in addressing this unprecedented public health crisis.”
This significant accolade provides RemedyBio with a springboard from which to develop a highly effective, novel therapeutic approach for COVID-19 and diseases.