ORCA Therapeutics Receives up to € 5 Million Innovation Credit from Dutch Government
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|Tuesday, 08 November 2011 13:30 (UTC + 1)|
Amsterdam, The Netherlands – November 8, 2011 / B3C newswire / – ORCA Therapeutics BV, a pioneer in the development of innovative virotherapies for treatment of cancer, announces today that it has received an innovation credit of up to € 5 million from Agentschap NL, an agency executing programmes for the Dutch Ministry of Economic Affairs, Agriculture and Innovation, to support development of its lead compound ORCA-010 for prostate cancer.
The innovation credit is a credit facility from Agentschap NL dedicated to highly innovative projects. Under the terms of the agreement, ORCA receives € 1,058,000 to support the initial stage of the project, with the outlook for additional funding up to € 5 Million upon successful completion of specific milestones. The credit will become repayable subject to the commercial success of the project.
"We are delighted to receive this facility for our lead program, as these funds are only provided to innovative projects with strong commercial prospects," said Janneke Meulenberg, Chief Executive Officer of ORCA Therapeutics. "This credit will allow us to take the next steps in preclinical and clinical development of our ORCA-010 product for treatment of prostate cancer patients”.
ORCA-010 is a new, highly potent oncolytic adenovirus that can target multiple cancer indications. ORCA-010 is based on ORCA’s proprietary T1 technology. Preclinical studies have demonstrated that ORCA-010 has superior oncolytic potency as compared to current state of the art oncolytic adenoviruses in a variety of cancer cell lines.