ImPact Biotech Receives a €13.5M Investment Commitment from the European Innovation Council’s Accelerator Program
/EIN News/ -- TEL AVIV, Israel, July 24, 2024 (GLOBE NEWSWIRE) -- ImPact Biotech, a clinical-stage biotechnology company focused on developing Padeliporfin vascular targeted photodynamic (VTP) therapy to treat a range of solid tumors, today announced investment commitment of €13.5M from the European Innovation Council’s (EIC) Accelerator program, including a grant of €2.5M and a conditional equity investment of up to €11M. ImPact plans to use these proceeds to advance Padeliporfin VTP through its ongoing Phase 3 ENLIGHTED trial in low-grade upper tract urothelial cancer (UTUC).
“This recognition along with the investment support from the EIC underscores the potential value of Padeliporfin VTP as a novel treatment option for unresectable solid tumors,” said Barak Palatchi, ImPact Biotech’s Chief Executive Officer. “Based on the encouraging initial clinical efficacy and safety results from the ongoing Phase 3 ENLIGHTED study, we believe Padeliporfin VTP is uniquely positioned to fulfill unmet patient needs across a wide range of cancers. We look forward to sharing additional interim analysis from the trial later in 2024.”
About ImPact Biotech
ImPact Biotech is an advanced clinical-stage oncology company focused on the development and commercialization of Padeliporfin Vascular Targeted Photodynamic (VTP) therapy, a minimally invasive drug-device combination for selective ablation of unresectable solid tumors. The novel VTP platform delivers non-thermal laser light via optical fibers to locally activate Padeliporfin in the tumor microenvironment. Padeliporfin VTP is currently being evaluated in a pivotal Phase 3 study in low-grade upper tract urothelial carcinoma (UTUC) with earlier stage studies ongoing or planned in high-grade UTUC, pancreatic ductal adenocarcinoma (PDAC) and non-small cell lung cancer (NSCLC). The Company has longstanding collaborations with the Weizmann Institute of Science and Memorial Sloan Kettering Cancer Center and operations in the EU, Israel and the US. For more on ImPact Biotech Ltd., visit: www.impactbiotech.com and the ENLIGHTED clinical trial website (for the US): https://www.enlighted-study.com.
Contacts
Global Head of Business Development
Guy Schmidt
guy.schmidt@impactbiotech.com
Precision AQ
Janhavi Mohite
Janhavi.mohite@precisionaq.com
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