RhoVac announces that the company has been awarded the Horizon 2020 EU funding Phase I grant, with an excellent score
RhoVac AB ("RhoVac") announced today, 3rd May 2018, that the company has been awarded the European Commission grant under the EU's research and innovation programme Horizon 2020, with significant appraisal score of “Very good to Excellent”.
Horizon 2020 EU funding supports Small and Medium-sized Enterprises (SME) with breakthrough innovation projects and a market-creating potential. The highly competitive fund is only offered to SMEs which fall under European Innovation Council’s (EIC) SME definition. The fund is part of the Horizon 2020 work programme 2018-2020, funding high-potential innovations in the EU. The fund offers Europe's brightest and boldest innovators the funding for breakthrough ideas with the potential to create entirely new markets or revolutionise existing ones. The round of applications in February 2018, has been highly competitive with success rate of 12.6% among 2009 submitted proposals.
RhoVac is pleased to announce that company’s RV001 cancer vaccine project, currently in clinical phase I/II focusing on patients with diagnosed prostate cancer, has been awarded the phase I grant. RhoVac has received a significant total score of 13.80 out of 15, which indicates “Very good to Excellent” in the appraisal scale. Company’s application has received excellent scores for major sub-criterions, such as (but not limited to):
- Impact: substantial patient’s need for the innovation, realistic analysis of market, scalability and large market size, potential to create new markets generated by the new innovation, knowledge protection, overall strategy and business model.
- Excellence: game-changing and breakthrough innovation and clear development outline
- Quality and efficiency of implementation: team commitment with deep technical/management experience and realistic timeframe
The SME instrument will boost fast company growth and market-creating innovation thanks to staged funding and ramped up business acceleration services. Following completion of this phase I, RhoVac is preparing to apply for phase II of the Horizon 2020 grant to be submitted in Q4 2018.
Comments from RhoVac´s CEO, Anders Ljungqvist
-We are delighted to receive this €50,000 grant from the European Commission, but what is most important and rewarding is to see the rating that we are acknowledged for: our innovative approach, our understanding of patient’s need and the high quality in RhoVac’s project management. This rating is highly motivating for us in our continuing effort to further develop the RV001 project. This grant will be funded to prepare a feasibility report, as a requirement by European Commission, which will then be the basis for the upcoming phase II application within the program framework.
For more information, please contact:
Anders Ljungqvist – VD, RhoVac AB
Phone: +45 4083 2365
This is an English version of an original Swedish press release communicated by RhoVac AB. In case of interpretation issues or possible differences between the different versions, the Swedish version shall apply. This constitutes information that RhoVac AB is required to publish under the EU’s Market Abuse Regulation. The information was submitted for publication through the above contact person on the 3 May 2018.
About RhoVac AB
RhoVac AB conducts research and development of immunotherapeutic drugs. The company's main focus is the development of a therapeutic cancer vaccine with the potential to prevent or limit metastasis in cancer. RhoVac's first drug candidate has completed pre-clinical phase and clinical phase I / II study has started spring 2017. RhoVac has its head office at Medicon Village in Lund, Sweden. The research has been conducted since 2007 primarily at the University Hospital in Herlev, Denmark, by a world-class research team in its niche. RhoVac is listed on AktieTorget, Sweden, a Multilateral Trading Facility (MTF), since March 2016. The share is traded under the ticker RHOVAC. Read more at www.rhovac.com