London, UK, 11 July 2023: PharmaVentures congratulates GeneCode on their successful application to the European Innovation Council (EIC) Accelerator, securing a groundbreaking funding package of €16 million. The funding comprises €1.7 million in grant funding and €14.3 million in equity investments, marking a significant milestone as the largest funding ever received by an Estonian company under the EIC Accelerator programme.
PharmaVentures is pleased to have supported GeneCode’s highly successful application by providing comprehensive market analysis, deal benchmarking, and asset valuation services.
Stephen Waterman, Managing Director at PharmaVentures, emphasised the importance of a specialised approach, stating, “It is often easy to generalise when discussing larger, unaddressed markets, such as disease modifying therapies for Parkinson’s. However, GeneCode’s achievement demonstrates the tangible value that can be derived from a thorough, detailed, and specific analysis. At PharmaVentures, we pride ourselves on our commitment to delivering in-depth insights that help drive our clients’ success.”
GeneCode’s CEO, Paavo Pilv, expressed his approval of the PharmaVentures analysis, stating, “PharmaVentures has been exceptional throughout the entire process. We greatly appreciated their meticulous care and attention to detail, which is not always found in such collaborations. We look forward to continuing the collaboration with PharmaVentures.”
PharmaVentures recognises the significance of the EIC Accelerator, a highly respected programme under Horizon Europe, supporting cutting-edge innovation and growth in Europe’s entrepreneurial ecosystem.
GeneCode’s groundbreaking treatment for Parkinson’s disease addresses a critical need, as the disease affects over 10 million people worldwide. While current treatments primarily focus on symptom relief, GeneCode’s GDNF mimetic has demonstrated the potential to slow down disease progression, offering new hope for patients. The secured funding will enable GeneCode to accelerate development, aiming to achieve IND-ready status and initiate clinical trials.
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GeneCode is a private pharmaceutical development company focused on the development of disease modifying therapeutics to combat neurodegeneration. The company was founded in 1998 in Estonia. The GDNF Mimetics platform leverages the disease-modifying properties of GDNF to small molecules with drug-like properties.