The European Investment Bank (EIB) is providing €22 million ($22.4 million) in financing to Ryvu Therapeutics, a Polish clinical-stage drug discovery and development company focusing on novel small molecule therapies that address unmet medical needs in oncology.
The funding is 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.
The EIB’s support will help Ryvu finance its development pipeline of new cancer treatments from discovery through 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 haematologic and solid tumors.
EIB vice-president Teresa Czerwińska said: “Financing projects within the field of research, development and innovation is one of the EIB’s top priorities and is especially relevant today, as the world suffers from the health crisis caused by the pandemic. Support for innovative companies like Ryvu specialising in advanced biotech research is clearly needed and we are delighted to assist this ambitious company, which has a notable drug discovery and development track record.
“The EIB’s investment will strengthen Ryvu Therapeutics’ research, development and innovation capacity and competitiveness for the wider social benefit.”
Biotech in Poland
“We are very pleased to receive funding from the European Investment Bank, which plays such an instrumental role in providing financial support to innovation-driven companies like Ryvu that seek to develop new and potentially life-saving medicines,” said Pawel Przewiezlikowski, CEO of Ryvu Therapeutics.
“We would like to thank the EIB for their collaboration, as this funding will help Ryvu continue to advance our clinical-stage oncology pipeline, including RVU120 in clinical development for the treatment of hematologic and solid tumours, as well as earlier stage projects.”
Ryvu Therapeutics is already one of the main employers of researchers in the biotech field in Poland. With R&D activities based in Kraków, the additional investment in Ryvu will contribute to the creation of new highly skilled jobs and encourage economic growth in the region.