FIT Biotech Oy: FIT Biotech joins major European HIV-research collaboration
FIT Biotech Oy
Company release January 28, 2016 at 10:30 EET
FIT Biotech joins major European HIV-research collaboration
The Finnish biotech company FIT Biotech Oy (NASDAQ:FITBIO) has been invited to join the major research consortium European HIV Vaccine Alliance (EHVA) developing new vaccines against HIV. The research collaboration with leading European HIV-research institutions and two major Pharma companies will start in January 2016 and run until 2021. The project is funded by the EU-Horizon 2020 framework programme.
European Comission has granted the EHVA consortium funding to an amount exceeding 22 million euros that is to be used for the development of new concepts of treating HIV. Of this sum FIT Biotech Oy will receive about 1 million euros, which will be having a cash-flow impact focusing on the beginning period of the project.
The drug candidate developed by FIT Biotech is based on the GTU®-technology. An independent board of reviewers chose FIT Biotechs drug candidate for the clinical studies to be conducted by EHVA to further assess its efficacy in the treatment of HIV. The studies are designed to demonstrate efficacy of a novel immune response induced by genes inserted into the GTU®-vector. Additionally FIT's drug candidate's efficacy to control the HIV-viral reservoir will be investigated, a reservoir not impacted by traditional AIDS drugs. The clinical trials are of pivotal importance in the EHVA project and the efficacy of FIT's GTU®-drug candidate will be documented.
FIT Biotech's test drug will be manufactured in its own manufacturing facility approved by the Finnish Medicines Agency.
"FIT Biotech Oy's participation in this leading European HIV-research consortium gives us the opportunity to have our drug candidate extensively validated in clinical trials. Positive test results will facilitate commercial exploitation of the technology and the drug candidate. The results will also complement clinical proof of concept of the GTU®-technology opening up opportunities to enter into collaboration and licensing agreements with multinational pharmaceutical companies", says Rabbe Slätis, CEO of FIT Biotech Oy.
FIT BIOTECH OY
Board of Directors
CEO, FIT Biotech Oy
Tel.: +358 40 840 6749
Certified Advisor: Translink Corporate Finance Oy, tel. +358 20 743 2790
FIT Biotech Oy in brief:
FIT Biotech Oy is a biotechnology company established in 1995, focusing on DNA vaccines and gene therapy. The company bases its products on its patented GTU® (Gene Transport Unit) technology.
Through GTU® technology, FIT Biotech develops DNA vaccines in order to both prevent and also treat various diseases. Identified application areas include HIV, tuberculosis (and other infectious diseases) as well as gene therapy (cancer, autoimmune diseases). Other application areas are under development.
FIT Biotech Oy is listed on NASDAQ First North (ticker: FITBIO). More information can be found at www.fitbiotech.com.
NASDAQ OMX Helsinki
Appendix EHVA's press releaseDownload PDF