TxCell SA has announced the receipt of EUR 1.7 million from Bpifrance. The money is granted for clinical development of TxCell’s lead product candidate Ovasave®, for which a placebo-controlled phase IIb clinical study, CATS29, is ongoing in refractory Crohn’s disease.
This support from Bpifrance for the clinical development of Ovasave is in the form of an interest-free innovation loan entitled Prêt à Taux Zéro pour l’Innovation (PTZI). This financing tool has been designed to support innovative French companies and is particularly attractive thanks to its complementarity to the French research tax credit system. As a result, the PTZI finance will provide TxCell with extended flexibility on its research and development activities.
“The EUR 1.7 million zero rate loan provides additional means to advance Ovasave, our lead personalized T cell immunotherapy through clinical development for refractory Crohn’s disease. It also demonstrates Bpifrance’s continued support for our innovative programs,” said Damian Marron, CEO, TxCell. “This Bpifrance funding, combined with the recently announced additional expertise and support from Trizell SA, strengthens the route to market for Ovasave, a promising novel treatment option for refractory Crohn’s disease patients.”
The quality of life for refractory Crohn’s disease patients is often significantly impaired and there is currently no effective treatment for them. There are currently over 100,000 such patients per year in Europe and in the US alone.