Reports and Releases
FIT Biotech Oy: FIT Biotech to receive grant funding from Tekes
FIT BIOTECH OY
November 7, 2016 at 15:00 EET
FIT Biotech to receive grant funding from Tekes
The Finnish Funding Agency for Innovation Tekes has made a favorable funding decision on FIT Biotech Oy's application related to the project "Biomedicine manufacturing business plan elaboration". The total cost estimate of the project is approved to be EUR 200.000 of which Tekes grant amounts to 50% or maximally EUR 100.000.
The grant is allocated for writing the business plan including internationalization strategy, funding of implementation of the plan and related market research.
The duration of the project is October 3, 2016 - October 31,2017.
The chairman of the board, Juha Vapaavuori commented:
"The funding decision by Tekes enables FIT Biotech to process its biomedicine manufacturing business plan further. The company's preparedness to operate its own GMP (Good Manufacturing Practice) level production facility is one of its strategic strengths. Therefore, the funding decision is important and of strategic significance for the company."
FIT Biotech's strategy focuses on licensing its patented GTU® (Gene Transport Unit) technology to partners for medical applications, in particular for applications with high commercial potential targeted at existing large markets or markets with a need for more efficient, safer and less costly treatments.
FIT BIOTECH OY
Chairman of the Board of Directors
FIT Biotech Oy
Tel: +358 50 372 0824
Certified Advisor: Aalto Capital Partners Oy, Tel. +358 40 587 7000
FIT Biotech in brief
FIT Biotech Oy is a biotechnology company established in 1995 that develops and licenses its patented GTU® (Gene Transport Unit) vector technology for new-generation medical treatments. GTU® is a gene transport technology that meets an important medical challenge in the usability of gene therapy and DNA vaccines.
FIT Biotech applies GTU® technology in its drug development programmes. Application areas include cancer (gene therapy) and infectious diseases such as HIV and tuberculosis, as well as animal vaccines.
FIT Biotech shares are listed on the First North Finland market maintained by Nasdaq Helsinki Oy.