Nov 16 2010
InteRNA Technologies B.V., a biopharmaceutical company developing pathway targeted microRNA (miRNA)-based therapeutics for cancer, today announced that it was awarded an Innovation Credit of EUR 1.3 million from the Dutch government. This award will support the development of miRNA-based therapeutics for the treatment of melanoma. The funding is granted by Agentschap NL, an agency of the Dutch Ministry of Economic Affairs, Agriculture and Innovation.
The Innovation Credit is a credit aimed at funding development projects that have a high innovative character and strong commercial potential. The projects have to be focused at the development of new products, processes or services.
"We are very pleased to receive this funding for our melanoma program as it recognizes the innovative character and commercial outlook of this project, a prerequisite to qualify for this facility," said Roel Schaapveld, CEO of InteRNA Technologies. "It allows us to further strengthen the R&D team and speed up the development of our miRNA-based therapy to treat more advanced stages of this aggressive form of cancer for which there currently is no adequate treatment."
The facility will become available upon achievement of specific milestones. The purpose of the Innovation Credit is to reduce the financial risk for entrepreneurs and, as such, repayment of the credit, contributing 35% of the total project budget of EUR 3.8 million, is subject to the commercial success of the project.
SOURCE InteRNA Technologies B.V.
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