BRUSSELS --(BUSINESS WIRE)--
ASIT biotech (Paris:ASIT) (BSE:ASIT) (ASIT - BE0974289218), a Belgian clinical-stage biopharmaceutical company focused on the research, development and future commercialization of breakthrough immunotherapy products for the treatment of allergies, today announces that it has received 6 million euros in funding1 from the Walloon government’s Vice-President and Minister of the Economy, Industry, Innovation and Digital Affairs, Mr. Jean-Claude Marcourt.
This non-dilutive financing in the form of recoverable advances will allow the Company to finance an ambitious R&D program to develop new drug candidates to treat the main food allergies caused by peanuts, cow’s milk and egg whites. These product candidates, based on the ASIT+™ platform, will be developed in collaboration with Dr. Shamji, senior lecturer in immunology and allergology and Head of the Immunomodulation and Tolerance research group at Imperial College, London. The aim of this collaboration is to test the allergenicity and antigenicity of these product candidates on an ex-vivo human model in order to optimize their safety/efficacy ratio.
Following this first phase, the selected candidates will then be assessed within the framework of clinical trials undertaken in collaboration with Dr. Stephen Till, senior lecturer at King’s College London specializing in food allergies in adults. These first clinical trials will help evaluate the potential clinical effectiveness and safety of the product candidates in the treatment of food allergies.
Jean-Claude Marcourt, the Walloon government’s Vice-President and Minister of the Economy, Industry, Innovation and Digital Affairs, comments: “The Wallonia region of Belgium has become a global benchmark in the life sciences sector. ASIT biotech’s ambitious research program again shows us the ability of Walloon companies to position themselves as true leaders in cutting-edge sectors.”The Minister adds: “Wallonia supports companies that innovate, thus creating new economic momentum and generating jobs. Beyond these positive economic benefits, I would like to commend ASIT biotech for its efforts to continue improving health care, and therefore patients’ quality of life.”
Thierry Legon, CEO of ASIT biotech, comments: “I would like to personally thank the Minister, Jean-Claude Marcourt, for putting his trust in our company and for the interest he is showing in medical innovation. Thanks to this funding, we will be able to intensify our collaboration with world-renowned research facilities in order to develop and perfect new immunotherapies for the main types of food allergy for which there is currently no medical treatment.”
About ASIT biotech
ASIT biotech is a Belgian clinical stage biopharmaceutical company focused on the development and future commercialisation of a range of breakthrough immunotherapy products for the treatment of allergies. Thanks to its innovative ASIT+TM technology platform, ASIT biotech is currently the only developer of AIT product candidates consisting of a unique mixture of highly purified natural allergen fragments in an optimal size selection. This innovation results in a short treatment, expected to improve patient compliance and real-life effectiveness. ASIT biotech’s product pipeline entails two novel ASIT+™ product candidates targeting respiratory allergy with the highest prevalence (i.e. grass pollen: gp-ASIT+TM and house dust mite: hdm-ASIT+TM), that could significantly expand the current immunotherapy market. The Company believes that its innovative ASIT+™ platform is flexible and would be applicable across a range of allergies.
ASIT biotech has a headcount of 22 staff members, at its headquarters in Brussels and a laboratory in Liège, Belgium.
Further information can be found at: www.asitbiotech.com.
Forward Looking Statements
All statements in this announcement that do not relate to historical facts and events are “forward-looking statements”. In some cases, these forward-looking statements can be identified by the use of forward-looking terminology, including the words “believes,” “estimates,” “anticipates,” “expects,” “intends,” “may,” “will,” “plans,” “continue,” “ongoing,” “potential,” “predict,” “project,” “target,” “seek” or “should” or, in each case, their negative or other variations or comparable terminology or by discussions of strategies, plans, objectives, targets, goals, future events or intentions. Forward-looking statements include statements regarding the Company’s intentions, beliefs or current expectations. By their nature, forward-looking statements involve known and unknown risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Forward-looking statements are not guarantees of future performance. Given these risks and uncertainties, you should not rely on forward-looking statements as a prediction of actual results. Any forward-looking statements are made only as of the date of this announcement and, without prejudice to the Company’s obligations under applicable law in relation to disclosure and ongoing information, the Company does not intend, and does not assume any obligation, to update the forward-looking statements set forth in this announcement.
Important Legal Notice
This announcement does not constitute, or form part of, an offer or invitation to sell or issue, or any solicitation of an offer to purchase or subscribe for shares of ASIT biotech SA (the “Company” and the “Shares”). Any purchase of, subscription for or application for, Shares to be issued in connection with the intended offering should only be made on the basis of information contained in the prospectus and any supplements thereto, as the case may be. This announcement does not constitute a prospectus and the information contained herein is for information purposes only and does not purport to be full or complete. Investors should not subscribe for any Shares except on the basis of the information contained in the prospectus that the Company expects to publish after its approval by the Belgian Financial Services and Markets Authority, and which can then be obtained at the Company’s registered office and on www.asitbiotech.com.
This announcement is not for distribution, directly or indirectly, in or into the United States or to any U.S. person within the meaning of the U.S. Securities Act of 1933, as amended (the “Securities Act”). The Shares have not been and will not be registered under the Securities Act and may not be offered or sold in the United States, except pursuant to an exemption from the registration requirements of the Securities Act. The Company has not registered, and does not intend to register, any portion of the intended offering of Shares in the United States, and does not intend to conduct a public offering of Shares in the United States.
This announcement and the information contained herein are not for publication, distribution or release in or into the United States, Australia, Canada, Japan or any jurisdiction where to do so would constitute a violation of the relevant laws of such jurisdiction.
The Company is responsible for the information contained in this press release.
1 Non-dilutive financing is granted in the form of recoverable advances to support specific R&D programs. Pursuant to the applicable terms and conditions, this financing is repayable over the project’s economic life cycle. Thirty percent is repayable on the basis of a fixed repayment schedule, whilst the balance is repayable in the form of royalties over the same period.
(c)Business Wire. All of the news releases contained herein are protected by copyright and other applicable laws, treaties and conventions. Information contained in the releases is furnished by Business Wire's members, who warrant that they are solely responsible for the content, accuracy and originality of the information contained therein. All reproduction, other than for an individual user's personal reference, is prohibited without prior written permission.