FIT Biotech Oy: Research grant application related to Innovative Medicines Initiative 2 (IMI2) did not result in a positive decision – FIT Biotech

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FIT Biotech Oy: Research grant application related to Innovative Medicines Initiative 2 (IMI2) did not result in a positive decision

FIT Biotech Oy
 
Company Release June 10, 2016 at 19.15 EET       
 
 
Research grant application related to Innovative Medicines Initiative 2 (IMI2) did not result in a positive decision

FIT Biotech Oy is participating in an international consortium coordinated by the French governmental research institute INSERM having submitted a grant application to the joint project of the European Commission and the European Federation of Pharmaceutical Industries and Associations (IMI2). The purpose of the joint project was to develop novel vaccines against filoviral infections. FIT Biotech's planned contribution in the project related to the application of its gtGTU technology to express antibodies in vivo.

INSERM has now been informed that the research grant application was not accepted. The negative decision will not have a significant impact on FIT Biotech's operations. FIT Biotech, together with other partners in the consortium, is contemplating the possibility to submit a new IMI2 research grant application.

IMI2 represented one of FIT Biotech's opportunities to apply its gtGTU technology to gene-based treatments, in this particular case for inducing passive immunotherapy against filoviral infections. The company runs several other projects that aim at testing and subsequent utilisation of its gene technology, including filoviral diseases such as ebola. On 5 April 2016, the company published a company release on research collaboration with Ichor Medical Systems Inc. within the same research area.

CEO James Kuo comments:
"It typically happens that grant applications often fail, and therefore pharmaceutical development companies do not rely only on public funding in their research and development. FIT Biotech will pursue its strategy and focuses on its ongoing projects to develop gene-based treatments."

FIT BIOTECH OY

Board of Directors

Further information:
James Kuo
CEO, FIT Biotech Oy
Tel: +1 858 220 5703
E-mail: james.kuo@fitbiotech.com

Certified Advisor: Translink Corporate Finance Oy, tel. +358 20 743 2790

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.

DISTRIBUTION:
Nasdaq Helsinki
Principal media
www.fitbiotech.com

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