Innovation Fund Denmark (Innovationsfonden) has awarded its largest grant for research and development of photothermal therapy to a consortium of four academic groups and FluoGuide.
The grant valued at DKK 49.1 million (approx. EUR 6.6 million or SEK 75.6 million) structured through a combination of a cash contribution from Innovation Fund Denmark (50%) and a co-financing from the consortium (50%). FluoGuide will receive 5 million DKK (approx. 7.5 million SEK) in cash.
The grant is a significant milestone for FluoGuide and it aims to support the research and development of the optimal molecule for photothermal therapy while using FG001 as a model molecule to feed information from the surgical room back into research. Photothermal therapy could become a new pillar in the treatment of cancer and has the potential to significantly contribute to the long-term growth of FluoGuide.
The short-term impact on FluoGuide regarding workload or finances is insignificant and FluoGuide’s short term focus remains to advance FG001 into late-stage clinical development for surgical guidance of aggressive brain cancer.
“I am very pleased with the recognition of our work using optical probes not only for guiding surgery but also for photothermal therapy,” says Andreas Kjaer project leader of the consortium.
“I strongly believe this approach will improve the life of cancer patients and support FluoGuide in entering the therapeutic space,” says Morten Albrechtsen, CEO, FluoGuide.