The European Innovation Council (EIC) Accelerator grant application for Hemispherian AS (“Hemispherian” or the “Business”), a Norwegian preclinical pharmaceutical company focused on small molecule cancer therapies targeting the DNA damage response, has been approved.

The panel proposes an extra EUR 7.5M in equity financing from the EIC fund on top of the EUR 2.5M in grant funding that will be provided under this grant. One of Hemispherian’s lead assets, GLIX1, will be advanced through a phase I and phase II clinical trial with funding from the EIC accelerator. Accepting funding from the EIC accelerator programme is something we do with pleasure. Through phase I and phase II clinical studies, this funding will support the successful development of Hemispherian’s flagship asset, GLIX1.

Innovative pharmaceutical startup Hemispherian is working to create a new class of small molecule medications (GLIX). The TET2 enzyme is the target of GLIX chemicals, which also trigger the DNA damage response and kill cancer cells. GLIX1, the company’s flagship substance, is undergoing late-stage preclinical testing for the treatment of glioblastoma, the most common cause of disease-related death in children and a lethal tumour of the central nervous system. Hemispherian is working to build a companion diagnostic tool that will aid in the patient selection process for GLIX1 therapy. Oslo, Norway is home to Hemispherian.

Source: Prnewswire