The European Investment Bank (EIB) to support to Polish company, Ryvu Therapeutics’ discovery for research and development of new cancer treatments
European Commission Press release Brussels, 17 Aug 2022
The European Investment Bank (EIB) is providing €22 million (above 100 million polish zlotys) in financing to Ryvu Therapeutics, a Polish clinical-stage drug discovery and development company focusing on novel small molecule therapies that address unmet medical needs in oncology. The funding is being provided under the EIB’s venture debt instrument, which is tailored to the specific financing needs of high-growth innovative companies. The European Fund for Strategic Investments, part of the Investment Plan for Europe, is backing this funding with a guarantee.
The EIB’s support will help Ryvu finance its development pipeline of new cancer treatments from discovery through to clinical trials. Ultimately, Ryvu aims to address the clinical limitations of current treatments in oncology and provide patients with access to innovative therapies for haematologic and solid tumours.
Valdis Dombrovskis, Executive Vice-President of the European Commission for an Economy that Works for People, said: “I welcome this investment by the EIB, backed by the Investment Plan for Europe, in Polish company Ryvu Therapeutics. It is great news for Europe’s competitiveness and its location as a research hub for innovations that change and save people’s lives. The additional funding will go towards the discovery, research and development of innovative therapeutics to treat cancer patients. This investment will also support the regional economy and create highly skilled jobs in the process.”
EIB Vice-President Teresa Czerwińska said: “Financing projects within the field of research, development and innovation is one of the EIB’s top priorities and is especially relevant today, as the world suffers from the health crisis caused by the pandemic. Support for innovative companies like Ryvu specialising in advanced biotech research is clearly needed and we are delighted to assist this ambitious company, which has a notable drug discovery and development track record. The EIB’s investment will strengthen Ryvu Therapeutics’ research, development and innovation capacity and competitiveness for the wider social benefit.”
Innovation, research, digital economy and the development of human capital are top priorities for the EIB Group. In 2021, the EIB Group’s overall financing for innovation, digital transformation and human capital projects reached €20.7 billion worldwide, of which €1.5 billion went to Poland (up from €1.2 billion in 2020).
“We are very pleased to receive funding from the European Investment Bank, which plays such an instrumental role in providing financial support to innovation-driven companies like Ryvu that seek to develop new and potentially life-saving medicines,” said Pawel Przewiezlikowski, Chief Executive Officer of Ryvu Therapeutics. “We would like to thank the EIB for their collaboration, as this funding will help Ryvu continue to advance our clinical-stage oncology pipeline, including RVU120 in clinical development for the treatment of hematologic and solid tumours, as well as earlier stage projects.”
Ryvu Therapeutics is already one of the main employers of highly qualified researchers in the biotech field in Poland. With research and development (R&D) activities based in Kraków, the additional investment in Ryvu will contribute to the creation of new highly skilled jobs and encourage economic growth in the region.
The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to contribute to EU policy goals. The bank finances projects in four priority areas — infrastructure, innovation, climate and environment, and small and medium-sized enterprises (SMEs). In 2021, the EIB Group provided €6.5 billion in financing to projects in Poland. Part of this financing — equivalent to €1.5 billion — went to projects directly related to innovation, research, digital transformation and the development of human capital.
The European Fund for Strategic Investments (EFSI) is the main pillar of the Investment Plan for Europe. It provides first loss guarantees so that the EIB Group can invest in projects with a higher level of risk. To date, the projects and agreements approved for financing under EFSI have attracted investments totalling €524.3 billion, benefiting more than 1.4 million small and medium-sized businesses. The Investment Plan for Europe has been succeeded by the InvestEU programme, although some previously approved operations can still be signed.
Ryvu Therapeutics is a clinical-stage drug discovery and development company focused on novel small molecule therapies that address emerging targets in oncology. Internally discovered pipeline candidates make use of diverse therapeutic mechanisms driven by emerging knowledge of cancer biology, including small molecules directed at kinase, synthetic lethality and immuno-oncology targets.
Ryvu’s most advanced programmes are RVU120 — a selective CDK8/CDK19 kinase inhibitor with potential for the treatment of haematological malignancies and solid tumours currently in phase I clinical development for the treatment of acute myeloid leukaemia and myelodysplastic syndrome, and phase I/II for the treatment of r/r metastatic or advanced solid tumours — and SEL24 (MEN1703), a dual PIM/FLT3 kinase inhibitor licensed to the Menarini Group, currently in phase II clinical studies in acute myeloid leukaemia. Ryvu Therapeutics has signed ten partnering and licensing deals with global companies, including Merck, Menarini Group, Galapagos and Exelixis.
The company was founded in 2007 and is headquartered in Kraków, Poland. Ryvu is listed on the Warsaw Stock Exchange and is a component of the sWIG80 index. For more information, please see www.ryvu.com.