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Add to Preferred SourcesThe European Investment Bank (EIB) and Newron Pharmaceuticals S.p.A. (“Newron”), a biopharmaceutical company focused on the development of novel therapies for patients with diseases of the central and peripheral nervous system (CNS), signed a financing agreement, which will allow the Company to borrow up to EUR 40 million over the coming years, subject to achieving a set of agreed performance criteria.
This EIB loan is backed by the European Fund for Strategic Investments (EFSI), the central pillar of the Investment Plan for Europe, the Juncker Plan.
“Neurological disorders affect up to one billion people worldwide. In Europe alone, the annual economic cost of neurological diseases was estimated at about EUR 139 billion in 2004]”, said Ambroise Fayolle, Vice President of the EIB responsible for operations under EFSI and Innovation. “Many patients with CNS diseases are in need of new or more efficacious therapeutics. The EU bank provides long-term and stable capital support to help drive innovation and clinical success in this field. It’s this type of support for innovative companies like Newron that is crucial to strengthening Europe’s competitiveness.”
Stefan Weber, Chief Executive Officer of Newron Pharmaceuticals, added: “We are very pleased that the EIB has recognized the potential of Newron’s current R&D activities. This loan will provide us with additional financial flexibility over the coming years and significantly enhance our resources. We may use it to further advance our key assets to market and beyond and help in maximizing their market potential.”
EIB financing is intended to boost Newron’s R&D activities and will primarily be used to support the Company’s pivotal and post-approval stage development programs in diseases of the central nervous system.
Original source: EIB
Published on 30 October 2018