DGAP-News Formycon Receives Funding for COVID-19 Drug Research from the Bavarian Research Foundation
DGAP-News: Formycon AG / Key word(s): Financing/Alliance
Formycon Receives Funding for COVID-19 Drug Research from the Bavarian Research Foundation
Munich - Formycon AG (ISIN: DE000A1EWVY8/ WKN: A1EWVY) has received a grant from the Bavarian Research Foundation for the project "Characterization of ACE2-lgG constructs" amounting to Euro 290,000.
SARS-CoV-2 requires the binding of the virus spike protein to the membrane angiotensin converting enzyme 2 (ACE2) for entry into the human host cell. The aim of the project is to develop therapeutic fusion proteins that interrupt this bond. Through sequence model development, the fusion proteins will be characterized structurally and functionally in order to identify the characteristics that are important for a therapeutic application. Formycon's project partners are Prof. Dr. Ulrike Protzer, Chair of Virology, Technical University Munich and Prof. Dr. Johannes Buchner, Chair of Biotechnology, Technical University Munich.
"We are very pleased about the positive assessment of our project by the Bavarian Research Foundation, which took place in an overly competitive environment. The funding by the Bavarian Research Foundation and the very good cooperation with top researchers at the Technical University of Munich make us confident to achieve our goal to contribute significantly to the solution of the worldwide COVID-19 pandemic with a highly effective and safe drug", commented Dr. Carsten Brockmeyer, CEO of Formycon AG.
Formycon is a leading, independent developer of high-quality biopharmaceutical medicines, especially biosimilars. The company focuses on treatments in ophthalmology, immunology and on other key chronic diseases, covering the entire value chain from technical development to the clinical phase III as well as the preparation of dossiers for marketing approval. With its biosimilars, Formycon is making a major contribution towards providing as many patients as possible with access to vital and affordable medicines. Formycon currently has four biosimilars in development. Based on its extensive experience in the development of biopharmaceutical drugs, the company is also working on the development of antibody-based COVID-19 compounds.