Lytix Biopharma granted up to NOK14.3m (US$1.3m) of public non-dilutive funding from ’SkatteFUNN’
Oslo, 17 October 2023. Lytix Biopharma – Lytix Biopharma AS (“Lytix”) (Euronext Growth Oslo: LYTIX), a clinical stage immuno-oncology company, announces that the Research Council of Norway has approved Lytix’s application for up to NOK14.3m (US$1.3m) of non-dilutive financial support from the ‘SkatteFUNN’ R&D tax incentive scheme for a project in respect of Lytix's lead program: ‘Intratumoral LTX-315 in advanced melanoma’.
The approval gives Lytix the right to claim tax deductions for relevant and documentable costs related to research and development activities in the approved project for the period 2023 to 2025 inclusive.
The main objective of the project is to assess the safety and efficacy of LTX-315 in patients with advanced melanoma that are refractory to treatment with Immune Checkpoint Inhibitors. This will be assessed in a Phase II trial that will enroll up to 40 patients at study sites in the US and Europe (including Norway).
Øystein Rekdal, CEO of Lytix Biopharma, says:
“This is a great endorsement of the potential of our first in class molecule, LTX-315, by the Research Council of Norway and supports our efforts to improve the response rate in advanced melanoma patients that are refractory to treatment with Immune Checkpoint Inhibitors.”
About SkatteFUNN:
The SkatteFUNN R&D tax incentive scheme is a government program designed to stimulate research and development (R&D) in Norwegian trade and industry. The incentive is a tax credit and comes in the form of a possible deduction from a company's payable corporate tax.
More information can be found here: https://www.skattefunn.no/en/about-skattefunn/
For more information, please contact:
Gjest Breistein, CFO: gjest.breistein@lytixbiopharma.com
Ole Peter Nordby, Head of IR & Communications Manager: ole.peter.nordby@lytixbiopharma.com
Optimum Strategic Communications: Nick Bastin, Vici Rabbetts: lytix@optimumcomms.com
Lytix in brief:
Based in Oslo, Norway, Lytix Biopharma is a clinical stage immuno-oncology company developing novel cancer immunotherapies, an area within cancer therapy that is aimed at activating the patient’s immune system to fight cancer. The Company’s technology is based on pioneering research in ‘host defense peptides’ – nature’s first line of defense towards foreign pathogens. Lytix Biopharma’s lead product, LTX-315, is a first-in-class molecule representing a new and superior therapeutic principle to kill cancer cells and boost anti-cancer immunity, with the potential to be the ideal combination partner with other types of immunotherapies. LTX-315`s dual mode of action allows cytotoxic T cells to infiltrate tumors and recognize and attack cancer cells. The Company was listed on Euronext Growth in Oslo in June 2021, following a private placement covered by investors including PBM Capital, a US based, healthcare-focused investment firm.