Oryzon selected as Associated Partner in the first Important Project of Common European Interest (IPCEI) in the health sector (Med4Cure project)
- Commission has approved up to €1 billion of State aid by six Member States: Belgium, France, Hungary, Italy, Slovakia, and Spain .
- Oryzon to validate epigenetic agents by applying a personalized medicine approach for rare and orphan diseases.
Oryzon Genomics S.A., a clinical-stage biopharmaceutical company leveraging epigenetics to develop therapies in diseases with strong unmet medical need, announced today a public approval from the EU Commission, under EU State aid rules, of the first Important Project of Common European Interest (IPCEI) to support research, innovation and the first industrial deployment of healthcare products, as well as innovative production processes of pharmaceuticals. The Member States will provide up to €1 billion in public funding, which is expected to unlock an additional €5.9 billion in private investments.
Oryzon has been selected to participate as an Associated Partner in the Consortium. The Med4Cure is a macro-project that deploys 14 scientific projects to be developed by 13 companies as Direct Partners and 11 as Associated Partners. The project to be developed by Oryzon is called VANDAM and aims to validate epigenetic experimental drugs by applying a personalized medicine approach for rare and orphan diseases.
Spain included its participation in the IPCEI Med4Cure in the Recovery and Resilience Plan and has the possibility to partly fund its projects through the Recovery and Resilience Facility.
More information on the amount of aid to individual participants will be available in the public version of the Commission's decision, once confidentiality issues have been resolved with Member States and third parties.
Dr. Carlos Buesa, CEO of Oryzon stated, “We would like to manifest our public gratitude to the EU officials and the Governmental agency CDTI in Spain for their support and collaborative work.” Dr. Buesa continued, “This multinational EU project will play a critical role to ensure access to European citizens and future global generations of the best innovative medicines in Precision Medicine of Rare diseases. This is a first communication for transparency. We will provide more details on our project activities, budget and the State-Aid that we have been granted once confidentiality issues have been resolved with Member States and third parties.”