Danish biotech SNIPR Biome will get up to €20 venture debt from the European Investment Bank (EIB) to step up Europe’s fight against antimicrobial resistance to medicines. The company will use the EIB credit to develop new medicines for infections where existing antibiotics are no longer effective.
“We must not underestimate the danger of antimicrobial resistance, one of the top global health and development risks. Investment in innovative companies such as SNIPR Biome is essential for strengthening health security in Europe and beyond.”
said EIB Vice-President Ioannis Tsakiris.
“With the support of HERA and InvestEU, the EIB finances projects that advance state-of-the-art medical treatment against the most serious biological threats. This funding will strengthen our ability to respond to future health crises and enhance the position of SNIPR Biome as a European med-tech champion.”
SNIPR Biome’s new, highly selective, anti-bacterial CRISPR-based proprietary technology platform can be used to combat infectious disease by precision killing of multi drug resistant bacteria such as E. coli, or by making harmful bacteria susceptible to antibiotics again by removing resistance genes. Additionally, the SNIPR platform technology can treat immunological and metabolic disorders through microbial gene therapy by modulating the bacteria in the gut.
“We are very pleased to receive this financial support from EIB on the important topic of antimicrobial resistance.”
said Christian Grøndahl, CEO of SNIPR Biome.
“This support exemplifies the EU’s commitment to fighting antimicrobial resistance and will enable us to advance our lead asset, SNIPR001, towards market readiness while also developing new therapies to address infections caused by resistant bacteria, which pose a growing threat to modern medicine.”
The EIB’s loan takes the form of venture debt supported by HERA Invest, a top-up to the European Union’s InvestEU initiative. This mechanism was created by the EU’s Health Emergency Preparedness and Response Authority (HERA), and is funded by the EU4Health programme. Hadja Lahbib, Commissioner for Equality, Preparedness and Crisis Management, said:
“Antimicrobial resistance is a silent pandemic. In the EU alone, 35,000 people die every year because of it, and resistant infections place a significant burden on our healthcare systems. Today’s HERA Invest agreement is an important milestone and shows the importance of European companies’ innovation in fighting this major health threat. HERA Invest is ensuring that Europe remains at the forefront of medical breakthroughs.”
The EIB financing will support SNIPR Biome’s R&D programmes on antimicrobial resistance, for the coming years. Next to this, SNIPR Biome will also continue deploying its technology platform in the fields of metabolic diseases, autoimmune diseases, and oncology.