Ilya Pharma has secured a total of 5.3 million EUR in funding from the European Innovation Council (EIC) Accelerator program of blended financing.
The funds will enable Ilya Pharma to accelerate a Phase II Trial of its lead drug candidate ILP100 which has the potential to heal problematic non-healing wounds in diabetes, potentially up to 80% faster, and deliver savings to overburdened healthcare systems of 6 billion EUR annually, states the company.
The EIC Accelerator (SME Instrument) award supports small and medium-sized companies with breakthrough innovations and the potential to create new markets or redefine existing ones globally. Less than 5% of applicants selected for the prestigious award succeed, but Ilya Pharma joins an even more select group by having now won for a second time – the first in 2018 also for ILP100 developments in a first in human clinical trial.
Aims to open recruitment for Phase II in 2021
“We are honored that the European Innovation Council continues to recognize and support our work with this second award,” says Evelina Vågesjö, Ilya Pharma’s CEO. “In addition, the accompanying European Investment Bank investment strengthens the case for future larger investments, by EIB and other institutional investors who will be invited to co-invest with EIB in coming rounds. We believe our approach offers a real opportunity to improve quality of life for patients in diabetes and our other focus areas of post-surgical wounds and gastrointestinal indications such as IBD.”
Ilya aims to open recruitment for Phase II in 2021 and is also currently closing an additional related 5 million EUR share issue in the near future.
Photo of Evelina Vågesjö and Margareth Jorvid, Ilya Pharma. Photographer: Mikael Wallerstedt