SparingVision announced that it has been awarded non-dilutive funding of €2.5 million to fund research into retinitis pigmentosa therapies. SparingVision submitted a winning proposal for the European EIC Accelerator (SME instrument phase 2) program.
The funding will help speed up SparingVision’s clinical and regulatory development. The company is currently producing the clinical batches needed to initiate the first clinical trials in Europe and the United States in 2020. The PHENOROD (NCT03975543) retrospective natural history study of the disease has already taken place and the results will be published soon. The PHENOROD 2 prospective study will begin in the Fall of 2019.
“We are delighted to have won this European EIC Accelerator program and would like to offer our sincere thanks to all bodies of the EU Horizon 2020 program,” Florence Allouche, SparingVision President, said in a company news release. “This funding reflects the innovative nature of the gene-independent approach of the gene therapy developed by SparingVision for the treatment of retinitis pigmentosa, rare hereditary retinal degeneration that leads to blindness. It will enable us to speed up our development and position the company as a new stakeholder in the treatment of retinitis pigmentosa, and meet an unmet public health need.”
EIC Accelerator (SME Instrument) is a European public program that funds risk innovation in disruptive small businesses that have significant growth potential and global ambitions. EIC Accelerator is part of Horizon 2020 – the EU’s €80 billion funding program for Research and Innovation for 2014-2020. For this April 2019 session, the success rate is 4.44% at the European level. Out of 136 proposals submitted by French companies, only 4 have been selected, and this includes SparingVision, the only biotech company. According to Venture Radar, 25% of companies funded under EIC Accelerator are among the fastest-growing European firms (10%).