Genflow Biosciences PLC on Tuesday said it has secured €4 million in funding from the Wallonia region in Belgium, to support its gene therapy development work.
The London-based biotechnology company said the non-dilutive funding will support its ongoing development of its lead gene therapy, GF-1002, for the treatment of metabolic associated steatohepatitis, or MASH, a severe and progressive liver disease.
The financial support consists of a €1.2 million research grant, covering 70% of the company’s research costs, and a €2.8 million recoverable advance, which will become repayable to the Wallonia region upon the commercialisation of GF-1002 as a MASH treatment. The advance will fund 55% of the company’s development costs.
The funding is expected to cover three years of Genflow’s development programme, with the first instalment being received as working capital.
Chief Executive Officer Eric Leire said: ‘We are delighted to receive this substantial financial backing from the Wallonia region, as it is an important validation of our research and development efforts. It will allow us to further the development of GF-1002 and strengthen our position at the forefront of gene therapy innovation for MASH treatment. We would like to sincerely thank the Wallonia region for its support.’
Shares in Genflow Biosciences were up 11% at 2.06 pence in London on Tuesday morning.
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