Ryvu Therapeutics Announces Disbursement of First Tranche of EUR 8 Million Venture Debt from the European Investment Bank

News provided by

Mar 06, 2024, 10:41 ET

Ryvu has met the conditions for receiving EUR 8 million in Tranche A of venture debt from the European Investment Bank (EIB) due to the progress within the RVU120 program among other factors.
Pursuant to the agreement concluded with EIB, Ryvu still has access to a further EUR 14 million over two additional tranches. The disbursement of funds is subject to specific conditions outlined in the agreement.
Together with various sources, this financing secures Ryvu's cash runway until Q1 2026.

KRAKOW, Poland, March 6, 2024 /PRNewswire/ -- Ryvu Therapeutics (WSE: RVU), a clinical-stage drug discovery and development company focusing on novel small molecule therapies that address emerging targets in oncology, announced today that on March 5, 2024 it has received formal confirmation of the fulfillment of the conditions necessary for the disbursement of the Tranche A of EUR 8 million venture debt from the European Investment Bank (EIB), under the financing agreement concluded on August 16, 2022.[KS1] [JJ2] The offer of disbursement of Tranche A was issued by EIB, among other factors specified in the financing agreement, due to the successful transition of the RVU120 program from Phase I to Phase II of clinical development. The company is expecting to receive PLN 8 million payment on March 13, 2024.

In August 2022, Ryvu announced that the EIB would provide up to a total of EUR 22 million, and this EUR 8 million represents the first tranche. The funds are being provided under the EIB's venture debt instrument, which is tailored to the specific financing needs of high-growth innovative companies. The European Fund for Strategic Investments, part of the Investment Plan for Europe, is backing this funding with a guarantee.

"We are excited that the progress of RVU120 now allows us to access the funds to help accelerate the development of our lead program and the rest of Ryvu's pipeline. Together with different sources, the financing secures Ryvu's cash runway until Q1 2026.", said Pawel Przewiezlikowski, Chief Executive Officer of Ryvu Therapeutics. "We expect that further progress on Phase II RVU120 clinical development will enable Ryvu to fulfill the requirements and obtain the remaining EUR 14 million from the EIB."

The EIB's financial support will help Ryvu finance its development pipeline of new cancer treatments, from discovery to clinical trials. Ultimately, Ryvu aims to address the clinical limitations of current treatments in oncology and provide patients with access to innovative therapies for hematologic and solid tumors.

About Ryvu Therapeutics

Ryvu Therapeutics is a clinical-stage drug discovery and development company focused on novel small-molecule therapies that address emerging targets in oncology. Internally discovered pipeline candidates use diverse therapeutic mechanisms driven by emerging knowledge of cancer biology, including small molecules directed at kinase, synthetic lethality, and immuno-oncology targets.

Ryvu's most advanced programs include RVU120, a selective CDK8/CDK19 kinase inhibitor with the potential to treat hematological malignancies and solid tumors, currently in Phase II development (i) as a monotherapy for the treatment of patients with relapsed/refractory acute myeloid leukemia (r/r AML) and high-risk myelodysplastic syndromes (HR-MDS) as well as (ii) in combination with venetoclax for the treatment of patients with r/r AML. Another clinical program, SEL24 (MEN1703), is a dual PIM/FLT3 kinase inhibitor licensed to the Menarini Group. Ryvu Therapeutics has signed multiple partnering and licensing deals with global companies, including BioNTech and Exelixis.

The Company was founded in 2007 and is headquartered in Kraków, Poland. Ryvu is listed on the Warsaw Stock Exchange and is a component of the mWIG40 index. For more information, please see www.ryvu.com.

SOURCE Ryvu Therapeutics