European Investment Bank Supports ExeVir in Developing COVID-19 Therapeutic

The European Investment Bank (EIB) has signed a Euros25 million venture debt financing agreement with ExeVir BIO BV (ExeVir) to advance the development of ExeVir's novel COVID-19 therapeutic. This financing is part of the EIB's COVID-19 response and is backed by the InnovFin Infectious Diseases Finance Facility (IDFF) under Horizon 2020, the European Union's research and innovation programme. ExeVir's nanobody platform is being leveraged to generate multi-specific antibodies for prophylaxis and treatment of infectious diseases, with a focus on prevention of COVID-19 for immunocompromised patient populations.

Key Takeaways:

• The EIB and ExeVir have signed a Euros25 million venture debt financing agreement to advance the development of ExeVir's novel COVID-19 therapeutic.
• The financing is part of the EIB's COVID-19 response and is backed by the InnovFin Infectious Diseases Finance Facility (IDFF) under Horizon 2020, the European Union's research and innovation programme.
• ExeVir's nanobody platform is being leveraged to generate multi-specific antibodies for prophylaxis and treatment of infectious diseases.
• ExeVir's initial focus is on prevention of COVID-19 for immunocompromised patient populations, where there remains a high unmet need due to the limitations of current vaccines and therapeutic approaches.
• EIB Vice-President Kris Peeters stated that developing advanced therapeutics for infectious diseases is key to protecting the population, especially the most vulnerable.
• The EIB financing will help advance ExeVir's lead asset, XVR012, into clinical trials for COVID-19.
• ExeVir has demonstrated its ability to progress candidates from research to the clinic in under one year and execute on Phase 1a and Phase 1b studies.
• Expertise has been leveraged to develop a potent COVID-19 neutralizing antibody that targets the S1 and S2 regions of the coronavirus.
• The EIB loan is expected to catalyze the development of an innovative COVID-19 therapeutic and provide a signal of confidence to other investors.
• The InnovFin Infectious Diseases Finance Facility has been increased by Euros400 million to boost its capacity for tackling the coronavirus outbreak.
• The facility has been used to finance 28 operations throughout the European Union, with a total funding of Euros646.5 million and support for an EFSI Equity COVID-19 operation.

Statistics:

• Euros25 million: The amount of EIB venture debt financing for ExeVir to advance the development of its novel COVID-19 therapeutic.
• 28: The number of operations financed by the InnovFin Infectious Diseases Finance Facility throughout the European Union.
• Euros646.5 million: The total funding provided by the InnovFin Infectious Diseases Finance Facility.
• Euros400 million: The amount by which the InnovFin Infectious Diseases Finance Facility has been increased to boost its capacity for tackling the coronavirus outbreak.
• 3%: The percentage of the general Western population that is immunocompromised and has a high unmet need for COVID-19 prevention.
• 2023: The year in which ExeVir plans to submit its regulatory application for XVR012.
• Euros7.5 million to Euros75 million: The range of funding provided by the InnovFin Infectious Diseases Finance Facility for innovative players in the development of vaccines, drugs, medical and diagnostic devices, and research infrastructure for combating infectious diseases.

Sources:

• European Investment Bank press release, "Belgium: ExeVir lands European venture debt financing to develop novel nanobody COVID-19 therapy"
• European Union press release, "InnovFin Infectious Diseases Finance Facility"
• Horizon 2020 website, "InnovFin Infectious Diseases Finance Facility"
• ExeVir BIO BV website, "About Us"
• European Investment Bank website, "EIB Group and European Commission strengthen support for start-ups and SMEs in the biotech sector"