Project Establishment Support for EIC Accelerator application

AlgiPharma is developing a new drug, OligoG, for cystic fibrosis patients and are currently in phase 2b clinical trials with an inhalable formulation of OligoG. In order to get market approval to the American Market, an IND needs to be filed with the American Food and Drug Administration (FDA). The FDA requires additional toxicity studies (long-term toxicity in a second species and reproductive toxicity in two species) to be performed in animals before a phase 3 clinical trial can be conducted, and it is for these studies that AlgiPharma is seeking financial support from the EIC Accelerator grant. AlgiPharma will also apply for an equity investment from EIC to cover all financial aspects and expenses related to getting market approval for OligoG. The costs for the 9-months dog study and the reproductive toxicity studies are estimated at 9 million US dollars and will be covered by a mix of grant and equity funding from the EIC accelerator fund in addition to own funding. AlgiPharma has already received support from Horizon2020 through the call H2020-SC1-2017-Two-Stage-RTD of more than 6 million euros and are leading a consortium of 6 participants in multiple countries. AlgiPharma are also involved in two other projects supported by the Research Council of Norway, one project focuses on providing OligoG from bacterial sources through fermentation, the second project is developing OligoG to facilitate transport of nanoparticle based therapies through mucosal barriers. All these applications have been written mostly by AlgiPharma staff with support from the application partners with a small contribution from consultants. This project will aim to deliver a strong application for the March 18 2020 deadline to the EIC Accelerator program and, given AlgiPharma's strong track record of attaining grants, we anticipate the 70 kNOK will increase our chances significantly.