ImPact Biotech Receives a €13.5M Investment Commitment from the European Innovation Council’s Accelerator Program
Summary
TEL AVIV, Israel, July 24, 2024 (GLOBE NEWSWIRE) -- ImPact Biotech, a clinical-stage biotechnology company focused on developing Padeliporfin vascular targeted photodynamic (VTP) therapy to treat a range of solid tumors, today announced investment commitment of 13.5M from the European Innovation Councils (EIC) Accelerator program, including a grant of 2.5M and a conditional equity investment of up to 11M. ImPact plans to use these proceeds to advance Padeliporfin VTP through its ongoing Phase 3 ENLIGHTED trial in low-grade upper tract urothelial cancer (UTUC).This recognition along with the investment support from the EIC underscores the potential value of Padeliporfin VTP as a novel treatment option for unresectable solid tumors, said Barak Palatchi, ImPact Biotechs Chief Executive Officer. Based on the encouraging initial clinical efficacy and safety results from the ongoing Phase 3 ENLIGHTED study, we believe Padeliporfin VTP is uniquely positioned to fulfill unmet patient needs across a wide range of cancers. We look forward to sharing additional interim analysis from the trial later in 2024.About ImPact BiotechImPact Biotech is an advanced clinical-stage oncology company focused on the development and commercialization of Padeliporfin Vascular Targeted Photodynamic (VTP) therapy, a minimally invasive drug-device combination for selective ablation of unresectable solid tumors. The Company has longstanding collaborations with the Weizmann Institute of Science and Memorial Sloan Kettering Cancer Center and operations in the EU, Israel and the US.
Funding
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