The Paris, France-based company said it landed a five-year loan to borrow up to €40 million ($46.7 million) contingent upon a set of performance milestones.
Nanobiotix plans to use the funds to bring its NBTXR3 product into clinical trials for people with head and neck cancer. The drug is designed to destroy tumors and trigger the body’s immune system when activated by radiotherapy.
In December last year, Nanobiotix won FDA approval to start a clinical trial of NBTXR3 combined with anti-PD1 antibodies in lung and head and neck cancer patients. The company also has ongoing studies in patients with liver cancers, locally advanced or unresectable rectal cancer and prostate adenocarcinoma.
“Cancer is the second-highest cause of death in the EU and with Europe’s aging population, fighting cancer will undoubtedly remain a priority in the years to come,” EU commissioner Vytenis Andriukaitis said in prepared remarks. “We need to have innovative and dedicated research to always be in search of new treatments. Nanoparticle-based cancer treatment research funding is one example of how serious we are in fighting cancer, with the significant support from the EIB to finance research and innovation.”
“We are pleased to have the European Investment Bank on board as a new financing partner. This loan will significantly enhance our financial visibility without diluting our shareholders in the medium term. This new partnership is another value recognition of the product the company wants to bring to market to help millions of cancer patients,” Nanobiotix CFO Philippe Mauberna added.