Scandion Oncology obtains EU Funding for SCO-101 in drug resistant breast cancer patients
Scandion Oncology A/S (”Scandion” or ”the Company”) announces today that the Company has obtained a SME Instrument phase I grant from EU.
The SME phase I grant amounts to DKK 350.000 and will be used for a comprehensive market analysis of SCO-101 in breast cancer therapy, a complete regulatory and clinical validation strategy and to finalize the design of a Phase II clinical trial aimed at positioning SCO-101 in the breast cancer population with the most relevant endpoints. The grant will also be used to further develop Scandion Oncology’s business development strategy. It also includes a three day coaching of Scandion Oncology for the Phase II application.
When the work described in this phase I grant has been accomplished, Scandion is eligible to apply for a SME Instrument phase II grant. Importantly, EU states in the grant letter: “EU is committed to the successful commercialization of your project and the growth of your company”.
CEO Nils Brünner comments:
Knowing that the success rate is approximately 10%, I am very proud that Scandion Oncology has obtained this SME Instrument Phase I grant from EU. Our soft funding strategy is to first obtain smaller EU grants and then use these as stepping stones for larger EU grants. We have previously announced that we received three such smaller EU grants. We now report that we have been awarded a SME Instrument Phase I EU- Horizon 2020 grant to be used to further develop SCO-101 treatment in drug resistant breast cancer. I see this grant as an EU recognition of Scandion Oncology’s business model and focus. We will continue to apply for soft money in order to strengthen the business of Scandion Oncology.
For further information regarding Scandion Oncology, please contact:
Nils Brünner, CEO
Phone: +45 26 14 47 08
This information is information that Scandion Oncology is obliged to publish in accordance to the EU Market Abuse Regulation. The information was provided by the contact person above for publication on April 8, 2019.
Scandion Oncology A/S is a biotechnology company founded in 2017 for the purpose of addressing and tackling one of the greatest challenges in modern oncology – the effective treatment of cancer which contains drug resistant cell clones or which has developed resistance to a previously prescribed cancer-fighting drug. In preclinical studies, the company’s leading candidate drug, SCO-101, was shown to restore chemotherapy sensitivity in in vitro grown resistant cancer cells. Moreover, animal studies have shown that SCO-101 significantly enhances the efficacy of certain standard cancer treatments when given in combination. Scandion Oncology was listed on Spotlight, Sweden in November 2018.