Hemispherian Secures EUR 10M in Financing from the European Innovation Council (EIC) Accelerator Program

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Oct 19, 2022, 02:00 ET

OSLO, Norway, Oct. 19, 2022 /PRNewswire/ -- Hemispherian AS ("Hemispherian'' or the "Company"), a Norwegian preclinical pharmaceutical company focused on small molecule cancer therapeutics targeting the DNA damage response, is delighted to announce a successful European Innovation Council (EIC) Accelerator grant application. This grant will provide EUR 2.5M in grant funding and the jury recommends an additional EUR 7.5M in equity financing from the EIC fund. Financing from the EIC accelerator will be used to advance GLIX1, one of Hemispherian's lead assets, through a phase I and phase II clinical trial.

"We are pleased to accept funding through the EIC accelerator program. This funding will ensure the successful development of Hemispherian's lead asset, GLIX1, through phase I and phase II clinical trials."

- Adam Robertson, PhD, Chief Scientific Officer, Hemispherian

About Hemispherian AS

Hemispherian is an innovative pharmaceutical company focused on developing a novel class of small molecule drugs (GLIX). GLIX compounds target the TET2 enzyme and activate the DNA damage response resulting in cancer cell death. The company's lead compound, GLIX1, is in late-stage preclinical development for the treatment of glioblastoma, a deadly cancer of the central nervous system and the leading cause of death by disease in children. Hemispherian is further developing a companion diagnostic tool to support patient selection for optimal therapeutic response to GLIX1. Hemispherian is based in Oslo, Norway. For more information, visit www.hemispherian.com.

About the EIC Accelerator

The EIC accelerator is Europe's most prestigious and competitive grant for Small and medium-sized enterprises. In this round there were 986 applicants and 74 were funded. The applicant pool included 36 countries, with 21 countries having at least one successful applicant. The EIC accelerator provides funding as a grant and equity investment. The grant component is up to EUR 2.5M and the equity component provided by the EIC Fund is up to EUR 15M per project. Successful applicants must pass three independent review rounds – an initial screening round with 3 reviewers, a more rigorous paper based review with 4 different experts and finally the applicants are invited for an interview with 4-5 experts. All experts from the three review rounds must approve in order for the application to receive funding.

Contact:
Zeno Albisser, CEO
Lørenveien73
0580 Oslo
[email protected]
+47 406 03 455

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SOURCE Hemispherian AS