Coronavirus: European venture capital for Flemish biotech company to develop therapy with llama antibodies

Ghent-based biotech company ExeVir will receive 25 million euros in European venture funding for developing its therapy with llama antibodies against COVID-19. This was announced by the European Investment Bank (EIB) on Monday.

ExeVir, a spin-off of the Flemish Institute of Biotechnology (VIB), is developing a therapy for COVID patients based on the functioning of the immune system of llamas. The company has signed a 25 million euro venture financing agreement with the European Investment Bank.

The funding should help bring its lead product, XVR012, to the clinical trial phase. ExeVir aims to bring the product to market in the coming years and wants to expand its work to other infectious diseases. 

The EIB expects the project to have a significant impact. After all, it targets the underserved market for therapies for immunocompromised and older adults who are inadequately protected by the limitations of current vaccines and therapeutic approaches.

"The development of advanced therapeutics against infectious diseases is crucial to protect the population and, in particular, the most vulnerable groups," vice-president Kris Peeters stated in a press release. 

The venture financing is part of the EIB's response to the corona pandemic. The loan is also supported by an infectious disease financing facility under Horizon 2020, the European Union's large-scale research and innovation programme.

The funding is intended to provide ExeVir with stable, long-term, non-dilutive capital to support its research activities and the clinical development of ExeVir.

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