Stockholm 13 March 2020 – iCellate Medical, a genomic cancer diagnostics company, has together with the Swiss biopharmaceutical company Elthera AG (and consortium) received a grant of 25 MSEK from Eurostars to develop a new second generation immunotherapy drug for pancreatic and ovarian cancers.
In the evaluation process Eurostars rated iCellate’s project as the most interesting among all Swedish applicants. Across Europe it was ranked sixth out of 369 total applicants. The Swedish government agency, Vinnova, will aid Eurostars locally with both payments and follow-ups.
– We are proud that Eurostars and Vinnova acknowledge the potential of the services we offer, says Pelle Redare, CEO of iCellate.
iCellate will be a crucial partner in Elthera’s drive to bring their pharmaceutical – Elmab – to market.
The Eurostars grant will further enable iCellate to deliver liquid biopsy solutions to Elthera AG, providing the Swiss company with a companion diagnostic tool to match the right patients to their immunotherapy drug.
– The grant is particularly rewarding since the study will aim to help patients with pancreatic and ovarian cancers. The prognoses for these patient groups are poor today, due to lack of effective treatments.
The Eurostar grant-funded project is scheduled to commence in June 2020. Once the project is completed, the drug will be ready for clinical testing.
About iCellate Medical
iCellate is a spin off from the Karolinska Institute in Sweden. The medtech-company has its office and laboratory near the Karolinska University Hospital and Karolinska Institute in Stockholm, where the company performs its services in genomic cancer diagnostics.
The company has received several awards and scientific grants from, for example, Roche, Eurostars, Vinnova and AFA Insurance.
Eurostars is a European innovation network that promotes cross-border R&D collaboration between small- and medium-sized companies.
The network, which is represented by Vinnova in Sweden, grants more than one billion euros in grants each year. The purpose of the grants is to create growth and more jobs.