Third milestone for Neovacs in the Tracker program for rheumatoid arthritis
French biotech firm Neovacs (Alternext Paris: ALNEV), a leader in active immunotherapies for the treatment of autoimmune diseases, has received 414,839 euros ($538,129) from the French Innovation agency Oseo following achievement of a third milestone in early April, under the schedule agreed between the parties as part of the Tracker Project in rheumatoid arthritis (RA).
The Oseo funding for the project totals 6.4 million euros for Neovacs, of which 3.5 million euros have already been received (including the current payment).
"Reaching this third milestone shows the progress that has been made in the development of TNF-Kinoid in rheumatoid arthritis and the quality of the work of the teams involved. This new funding is excellent news as we head into the Phase IIb of TNF-Kinoid in RA, which is expected to start in mid 2013. These funds complement the funds raised in our last capital increase," commented Guy-Charles Fanneau de La Horie, chief executive of Neovacs.
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