Hybrigenics Receives EUR 800,000 Payment from Oseo

Hybrigenics (ALHYG), a bio-pharmaceutical group with a focus on research and development of new cancer treatments and a fully-owned subsidiary specialized in protein interactions services, announces it has received EUR 800,000 as the second and last payment of a EUR 1.4 million refundable grant contract originally signed with France’s innovation agency, Oseo Innovation, in 2008.

The transaction follows the successful completion of Phase IIa clinical tolerance study of oral inecalcitol in hormone-refractory prostate cancer patients. The first payment of EUR 600,000 was received at the signature of the contract.

“This is a highly significant grant for Hybrigenics. It shows Oseo’s confidence in our product and in our ability to successfully complete clinical trials,” explained Guillaume Floch, Hybrigenics’ CFO. “The total EUR 1.4M will be reimbursed between 2012 and 2015. No interest is payable. This final payment will help fund further clinical development of inecalcitol.”