Bavarian Nordic has secured a loan facility of EUR 50 million from the European Investment Bank (EIB).
The loan facility has been issued to support the research and development of vaccines against Ebola and other infectious diseases as well as cancer immunotherapies, according to BioSpace.com. The loan facility provides Bavarian Nordic a chance to speed its growth strategy with the clinical development of a vaccine against respiratory syncytial virus (RSV) for which no vaccine exists. The company also can prioritize the development of its CV-301 cancer immunotherapy candidate, which holds promise in multiple cancer indications, notes BioSpace.com.
“Public investment continues to be a critical component of the advancement of research and development for public health preparedness,” said Bavarian Nordic’s Chief Executive Officer Paul Chaplin. “Bavarian Nordic has been at the forefront of this for over a decade and we look forward to continuing these efforts well into the future. We are proud to be selected by EIB in support of the fight against infectious disease and cancer.”
Under the terms of the agreement, Bavarian Nordic will have up to 18 months to draw on the loan. As a result of the loan facility agreement, the company upgraded its expectations to year-end cash preparedness from DKK 1,100 million to DKK 1,450 million.