Investment Plan in Sweden: €40 million for biotech company researching cancer treatments
With support from the European Fund for Strategic Investment (EFSI), the European Investment Bank (EIB) provides €40 million (SEK 416m) of financing to the Swedish biotech company Oncopeptides for their long-term research and growth strategy. Oncopeptides is developing drug treatments for rare haematological cancers – like multiple myeloma that affects ca. 3 in every 10,000 people each year for which there is no cure. The financing made available through the new agreement will be notably used to fund phase 3 clinical studies of Oncopeptides’ lead candidate drug treatment which aims at extending and improving the quality of life for patients. Mariya Gabriel, Commissioner for Innovation, Research, Culture, Education and Youth, said: “Investment in research and innovation is crucial towards achieving our goal to beat cancer, contributing to the development of effective health and care tools for the prevention, early diagnosis and successful treatment of the disease. This is why we are setting up a mission to fight cancer as part of the future Horizon Europe programme. By joining efforts across Europe, we will ensure that more people will live without cancer in the future, while increasing quality of life for those affected.” The press release is available here. The Investment Plan for Europe has so far mobilised €535 billion of investment across the EU, with a quarter supporting research, development and innovation projects.