AB Science gets loan for COVID-19 treatment development

By The Science Advisory Board staff writers

November 30, 2020 -- The European Investment Bank (EIB) has signed a loan agreement with AB Science totaling 15 million euros ($17.9 million U.S.) that will enable AB Science to fund the clinical development of masitinib as a treatment for COVID-19.

Masitinib is an orally administered tyrosine kinase inhibitor that targets mast cells and macrophages, which are important cells for immunity, by inhibiting a limited number of kinases. The ant-inflammatory and antiviral agent works with a dual mechanism by directly inhibiting the main protease of SARS-CoV-2.

The loan consists of two installments of 6 million euros (1.19 million U.S.) and a third installment of 3 million euros (3.58 million U.S.). The first is expected to be available in the coming weeks, and the remaining tranches will be available at a later stage and will be subject to certain clinical milestones. The company's initial partnership with the EIB may be expanded in the future and discussions are underway for additional financing for the use of masitinib in other indications.

The investment is supported by the European Fund for Strategic Investments, which the EIB and the European Commission have joined forces to kickstart priority investments in the European Union. It is also backed by the InnovFin risk-sharing mechanism, which targets corporate research initiatives supported by Horizon 2020.

EU secures 225M doses of CureVac COVID-19 vaccine
The European Commission approved a fifth contract with CureVac for the initial purchase of 225 million doses on behalf of all European Union (EU)...
Immunic gets funding for lead COVID-19 therapeutic candidate
Immunic has inked a 24.5 million euro ($29 million U.S.) financing agreement with the European Investment Bank.

Copyright © 2020 scienceboard.net


Register below for our weekly Letter from the Editor to receive the latest Science news and insights.
Email
Connect
Science Advisory Board on LinkedIn
Science Advisory Board on Facebook
Science Advisory Board on Twitter