Nanobiotix (PAR:NANO.PA) received €16 million ($18.5 million) in the first tranche of a previously-announced non-dilutive loan from the European Investment Bank.
The five-year funding deal is designed to support the company’s development of nanoparticle-based cancer therapies.
Nanobiotix is specifically charged with bringing its NBTXR3 product through a clinical development program in patients with head and neck cancers.
“The EIB is very pleased to support Nanobiotix in the development of its innovative product NBTXR3 and its market access. This innovation will allow the potential improvement of current cancer treatment efficiency,” Ambroise Fayolle, VP of the EIB, said in prepared remarks. “Thanks to the Juncker Plan and EU guarantee, the EIB was able to speed up its financing in favor of medtechs and biotechs in Europe and more specifically in France, as we support these innovators in a key moment of their development.”
“This initial 16 million euros disbursement was released as a result of the achievement of the requisite performance criteria. As expected, this increase in our cash position will allow us to further advance our global development plan. It is also an opportunity for us to reaffirm our trust in our teams, who are fully dedicated to the preparation and commercialization of this product candidate, which will potentially benefit millions of patients,” Nanobiotix CFO Philippe Mauberna added.
Nanobiotix’s technology was designed to boost the effects of radiotherapy within cancerous tissues without increasing the dose of radiation that healthy tissue is exposed to during treatment.
The nanoparticle treatment can be either locally injected or administered systemically, at which point it accumulates in the cancerous tissue. When it’s exposed to ionizing radiation, the nanoparticles generate massive amounts of electrons, amplifying the dose of energy within the tumor.
“The product is meant to increase the dose within the tumor without increasing the dose in surrounding tissue,” CEO Laurent Levy told Drug Delivery Business News last year.
Want to stay on top of DDBN content? Sign up for our e-mail newsletter for a weekly dose of drug-device news.