Anocca (IEU TI). Photo: EIB
EU bank EIB provides €25 million of financing to leading Swedish biotechnology company Anocca, as its first InvestEU investment in Sweden in life science. The EIB loan will support investment in Anocca’s development of next-generation immuno-oncology products.
The European Investment Bank (EIB) is a leading player life science innovation in the European Union. In this life science project, the EIB is supporting Anocca, which specialises in developing next-generation T-cell immunotherapies for the treatment of solid tumours and in transitioning to clinical-stage development, using venture debt financing.
European Commissioner for Economy Paolo Gentiloni said: “This agreement is one of the first InvestEU investments in Sweden in life science. It is also an important contribution to the development of cutting-edge technologies which can help us fight cancer, in line with Europe’s Beating Cancer Plan. Research and development endeavours need significant and sustained investment to make sure they deliver on the promises they hold for our future. InvestEU is helping build this bright future by giving innovative companies access to the finance they need to grow and continue to innovate.”
EIB Vice President, Thomas Östros, responsible for Sweden, said: “Impressed by the team and their pioneering approach to engineering T-Cell therapies for cancer, I am delighted to announce this 25-million-euro EIB venture debt support to Swedish biotech company Anocca. Ultimately, our financing will help to accelerate clinical development to provide patients with access to innovative therapies in areas of high unmet medical need. This support confirms EIB’s role as a leading investor in innovation and life sciences and boosts Europe’s competitiveness and role as a research powerhouse.”
Anocca’s CEO and co-founder Reagan Jarvis said, “We are delighted that the EIB has chosen to support us as we build a critical piece of European advanced biotechnology capabilities and infrastructure in Sweden. Anocca is on a mission to expand the clinical and commercial reach of cell therapies by leveraging our proprietary analytical and manufacturing platforms. This financing is significant in moving our first generation of T-Cell immunotherapies through development towards clinical trials in a solid tumour indication during 2024.
Anocca’s Board Chairman, Hans Stråberg added: ‘’This investment further validates Anocca’s cutting-edge and novel approach to immunotherapy and supports our ambitious plan to create an extensive pipeline of game changing cancer therapies. We welcome the EIB to our small group of committed investors as we continue building a leading European biotechnology company with the potential to transform the treatment of serious diseases.’’
Financing innovative technology and research
This EIB venture debt financing will strengthen EU research in life sciences and contribute to its technological advancement. This is in line with Horizon Europe’s priorities of strengthening the European Union’s scientific and technological foundations, thereby increasing innovation capacity, competitiveness and the number of jobs in Europe.
Anocca’s technologies precisely and robustly analyse T-cell biology and deliver a range of therapeutics that specifically harness or manipulate T-cell immunity. Anocca is focused on delivering engineered T-cell receptor therapies in oncology and has a pipeline of novel T-cell therapies in development, aligned with the objectives of Europe’s Beating Cancer Plan.
The InvestEU programme provides the European Union with crucial long-term financing by mobilising significant public and private funds to support a sustainable recovery. It helps generate additional investments in line with key EU priorities, such as the European Green Deal, the digital transition and support for SMEs. The InvestEU programme brings together all EU financial tools to support investment by making project financing simpler, more efficient and more flexible. The programme has three components: the InvestEU Fund, the InvestEU Advisory Hub and the InvestEU Portal. The InvestEU Fund is implemented through financial partners that will invest in projects using the EU budget guarantee of €26.2 billion. The entire budget guarantee will back the investment projects of the implementing partners, increase their risk-bearing capacity and thus mobilise at least €372 billion in additional investment. The European Investment Bank Group, including the European Investment Fund, is the main implementing partner of the InvestEU programme.
This article was first published on 21 December by EIB.