Mucosis B.V., a Groningen, The Netherlands-based vaccine development company developing innovative mucosal vaccines that can be applied needle-free via the nose or mouth, has received an innovation credit line of approximately €3m from Agentschap NL, an agency of the Dutch Ministry of Economic Affairs.
Mucosis will use this loan towards the clinical development of its lead product FluGEM™, an influenza vaccine that can be administered by a simple spray in the nose.
The credit line will be redeemed only if the FluGEM™ clinical development program is concluded successfully.
Commenting on the financing, Govert Schouten, CEO of Mucosis, said: “We are really pleased with the government’s financial support.
“This non-dilutive funding underlines the progress we have made so far and, even more importantly, strengthens our financial capabilities going forward.
“It will enable us to generate proof of efficacy with FluGEM™ in man”, Schouten added.
Mucosis develops novel vaccines on the basis of its Mimopath™ technology, which is key to the growth strategy for the coming years.
In December 2007, the company had completed a €3m first financing. round led by BioGeneration Ventures, with participation from MedSciences Capital and NV NOM, and Investment and Development Agency for the Northern Netherlands.
FinSMEs
04/06/2010