ExeVir Bio, a biotech company developing robust nanobody therapies for broad protection against infectious diseases, secured a venture debt financing agreement of up to €25 million ($26.7 million) with the European Investment Bank (EIB). The EIB financing will help advance ExeVir’s lead asset, XVR012, into clinical trials for COVID-19.
ExeVir’s COVID-19 development program will focus on development of candidates for both treatment and prophylaxis and will be crucial for protecting the large number of immunocompromised people, approximately 3% of the general Western population, who remain at high risk of severe COVID-19 disease despite availability of current vaccines.
“The ExeVir team has quickly developed significant expertise in leveraging its modular nanobody platform to address COVID-19,” Dr. Torsten Mummenbrauer, CEO of ExeVir, said. “We are now using that experience to find rapid, effective solutions for new variants of this infectious disease, particularly as interventions to protect and treat the immunocompromised population, that continues to live in fear, have elapsed. COVID-19 has proven to be a devastating and highly unpredictable disease for this most vulnerable population. We are extremely pleased to secure the EIB’s support and endorsement at such a pivotal time for the company, to ensure this unmet need is addressed in COVID-19 and preparations are in place for future pandemics.”
“This funding from the EIB will support the development of our lead asset, XVR012,” Fiona du Monceau, COO of ExeVir, said. “It will allow us to advance on our scientific roadmap, as well as help us to pursue our ambitious growth strategy and establish us as a truly European biotech champion combatting infectious diseases with high unmet medical needs. With EIB’s help, we can continue to focus on protecting populations for whom vaccines are not sufficient and who are unable to use antiviral therapies, such as the immunocompromised, as well as on preparing for future pandemics. We aim to bring our first product to market which has the potential to become a critical instrument in the toolbox for combating COVID-19.”
“Developing advanced therapeutics for infectious diseases is key to protect our population, especially the most vulnerable,” Kris Peeters vice-president of EIB, said. “The EIB Group has worked closely with the European Commission to mobilize billions for both the urgent and the long-term response to COVID-19 in recent years. Our support for ExeVir is another example of how the EIB, as the EU bank and a public lender, has backed promising start-ups thanks to the guarantee of the European Union’s InnovFin programme. This programme has enabled us to build momentum in the all-important biotech, medical and health sectors and help create a truly European ecosystem in which innovation flourishes, and focused R&D can generate real benefits for our economies and, ultimately, our citizens.”
