Genome Biologics wins prestigious Horizon 2020 EU Phase 2 grant award
Frankfurt, (2018/10/22) – Genome Biologics UG, Frankfurt, Germany, today announced that they have been awarded the sum of €2.42 million for their project: Reducing the cost, time, and ethical burden of preclinical research in the pharmaceutical industry.
Modern drug discovery is an inefficient, expensive and risky process. The average cost of a successful drug introduction now exceeds $3bn, with a time-to-market in excess of 10 years. The consumption of patent-life during R&D has a profound financial impact, with the decreasing economic life of an approved drug leading to increased market costs. The key bottleneck and attrition point in drug discovery is the hit-to-lead transition from early hits identified by multiple approaches (including genomics, proteomics, high-throughput screening, AI) and in-vivo proof-of-target.
"This H2020 grant award will allow us to accelerate development of our unique technologies - the AI-driven Drug-Disease matching platform (GENIMAPS®) and our in vivo multi-modality drug testing technology (GENISYST®) - and increase our capacity to rapidly develop, and bring to market making research Faster, Cheaper, more Disease-Relevant and more Ethical", said Prof. Jaya Krishnan, CTO of Genome Biologics.
"We are delighted to receive this award from the European Commission, which will help accelerate drug development and lead to new and innovative medicines to treat some of the World's worst diseases", said Jonathan Ward, CEO of Genome Biologics
About Genome Biologics
Genome Biologics is a biotherapeutics company headquartered at Goethe University Frankfurt, Germany commercialising in silico and in vitro high-content high-throughput screening and multiplexed preclinical drug testing. Genome Biologics combines the power of Artificial Intelligence (AI) based machine learning with an innovative single cell transgenic technology to dramatically reduce drug development time and cost
A resident company at Johnson & Johnson Innovation ([email protected]), we provide the GENIMAPS®-GENISYST® platform as an out-sourced external resource for pharmaceutical partners and use it to identify candidates for our own proprietary pipeline.
About Horizon 2020
Horizon 2020 EU funding supports Small and Medium-sized Enterprises (SME) with breakthrough innovation projects and a market-creating potential. The highly competitive fund is only offered to SMEs which fall under European Innovation Council’s (EIC) SME definition.
The fund is part of the Horizon 2020 work programme 2018-2020, funding high-potential innovations in the EU. The fund offers Europe’s brightest and boldest innovators the funding for breakthrough ideas with the potential to create entirely new markets or revolutionise existing ones.
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