Prima BioMed (ASX: PRR) has shared in a EUR 4.1 million (A$5.35 million) grant with the Fraunhofer Institute of Cell Therapy and Immunology (Fraunhofer IZI) to support the upcoming clinical trial of CVac™ in ovarian cancer.
The research and development grant was awarded by the Saxony Staatsministerium für Wissenschaft und Kunst, with the grant reducing the costs of a clinical program in Europe.
Martin Rogers, Prima BioMed chief executive officer, said “Prima is delighted to receive this support from the SMWK in Saxony and our continued work with the Fraunhofer IZI.
The grant of EUR 4.1 million provides benefit to Prima BioMed’s shareholders and helps to finance our goal of bringing CVac™ to market for ovarian cancer patients.”
The grant is merit-based and provides funding for specific projects that demonstrate the potential to further economic development in Saxony.
Prima and Fraunhofer IZI submitted a joint project proposal to cover the costs of CVac™ materials, CVac™ manufacturing, staffing costs in Saxony, as well as some of the clinical procedure costs of the trial.
Prima and Fraunhofer IZI will be reimbursed for eligible costs as they are incurred during the project, which will decrease Prima’s cash requirements for the CVac™ program by around A$5.35 million.
Funds are provided by the European Union and the German Free State of Saxony and administered by the Sächsische AufbauBank (the Saxony Development Bank).
Bioville GmbH provided support to Prima and Fraunhofer IZI to prepare the grant application.