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As Biotech Cash Dries Up, Ireland's Priothera Gets EU Backing For Leukemia Drug

€17.5m Loan From European Investment Bank

 
• By Kevin Grogan

At a time when the sector has fallen out of favor with venture capitalists and public markets, Irish biotech Priothera is accessing funds from the EU to advance a Phase IIb/III study of mocravimod for acute myeloid leukemia patients receiving hematopoietic stem cell transplants.

Irish flag
• Source: Alamy

With the biotech sector's battle for cash getting fiercer, Ireland's Priothera Limited has tapped into the considerable resources of the European Investment Bank (EIB) to get financing for a late-stage study of its promising blood cancer candidate mocravimod.

The Dublin-based biotech has signed a loan agreement for €17.5m with the EIB, the lending arm of the EU which is owned by the union's 27 member states

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