Leyden Laboratories has announced a €20 million venture debt financing deal with the European Investment Bank, with funds intended to support development of Leyden Labs’ antiviral nasal sprays, including PanFlu. The investment falls under the European Commission’s InvestEU program, specifically, HERA Invest, which supports development of medical technology to combat health threats such as viruses with the potential to cause epidemics or pandemics.
In April 2023, Leyden Labs initiated clinical development of its CR9114 (PanFlu) intranasal human monoclonal antibody which the company is developing for the prevention and treatment of influenza, including avian flu. Earlier this year, the company announced that it had raised $70 million to support continued development of CR9114.
Leyden Labs CEO Koenraad Wiedhaup commented, “We are thrilled with this endorsement of our approach and support from HERA and the European Investment Bank. This will accelerate our efforts to provide broad, universal protection against current and future viral outbreaks. We are grateful that HERA and the EIB understand the urgency and significance of investing in initiatives to ensure Europe is prepared for pandemic viruses. This concern is greater than ever given the increasing threat of an avian influenza outbreak.”
European Investment Bank VP Robert de Groot said, “The COVID-19 pandemic taught us multiple lessons, including that we should strengthen the EU’s preparedness and autonomy in key areas like bio sciences. With the support of the European Commission, the EIB backs highly innovative EU companies like Leyden Labs with venture debt, enabling them to grow and thrive in Europe. Technological innovations from companies like Leyden Labs are key for European competitiveness and the well-being of our society.”
Read the Leyden Laboratories press release
