GeneCode secures €16 million funding for Parkinson’s Disease drug development through EIC Accelerator
In Baltic Innovation Agency we’re delighted when we have the chance to support companies who focus on revolutionizing their sector. GeneCode, an Estonian health technology firm, has received a significant €16 million in funding from the European Innovation Council’s EIC Accelerator to further their development of a drug for Parkinson’s disease. The funding, in collaboration with Argobio, consists of a €1.7 million grant and €14.3 million in equity investments. This funding represents the largest amount ever granted to an Estonian company through the EIC Accelerator, as projects can receive up to €17.5 million.
BIA provided support to GeneCode throughout the application process, offering guidance and advice to secure funding. The competition was fierce, with 551 international companies from 17 countries applying for limited funding opportunities. Additionally, the application process is time-consuming and requires extensive preparatory work and market research. Despite these challenges, competition still remains high.
GeneCode is currently developing a medication targeting the degeneration and potential regeneration of nerve cells, specifically addressing cell shrinkage and death. With the financial support received, GeneCode plans to proceed with human trials. If clinical trials demonstrate the drug’s safety and efficacy, it has the potential to revolutionize the Parkinson’s disease treatment market. By focusing on individuals in the early stages of the condition, the treatment could potentially reduce subsequent expenses. Projections indicate that the European Union could save approximately €5 billion annually by 2037.
Parkinson’s disease is a degenerative condition that gradually worsens over time, affecting the nervous system and bodily functions regulated by the nerves. Initial symptoms typically appear between the ages of 50 and 80, and as of now, there is no known cure for this condition.