Formycon Receives Funding for COVID-19 Drug Research from the Bavarian Research Foundation
DGAP-News: Formycon AG / Key word(s): Financing/Alliance
13.10.2020 / 07:00
The issuer is solely responsible for the content of this announcement.Press Release // October 13, 2020
*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.
*About Formycon:*
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.
*Contact:*
Sabrina Müller
Senior Manager Corporate Communications and Investor Relations
Formycon AG
Fraunhoferstr. 15
82152 Martinsried/Planegg/Germany
Phone: +49 (0) 89 - 86 46 67 149
Fax + 49 (0) 89 - 86 46 67 110
Sabrina.Mueller@formycon.com // www.formycon.com
*Disclaimer:*
This press release may contain forward-looking statements and information which are based on our current expectations and certain assumptions. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, performance of the company, development of the products and the estimates given here. Such known and unknown risks and uncertainties comprise, among others, the research and development, the regulatory approval process, the timing of the actions of regulatory bodies and other governmental authorities, clinical results, changes in laws and regulations, product quality, patient safety, patent litigation, contractual risks and dependencies from third parties. With respect to pipeline products, Formycon AG does not provide any representation, warranties or any other guarantees that the products will receive the necessary regulatory approvals or that they will prove to be commercially exploitable and/or successful. Formycon AG assumes no obligation to update these forward-looking statements or to correct them in case of developments which differ from those anticipated. This document neither constitutes an offer to sell nor a solicitation of an offer to buy or subscribe for securities of Formycon AG. No public offering of securities of Formycon AG will be made nor is a public offering intended. This document and the information contained therein may not be distributed in or into the United States of America, Canada, Australia, Japan or any other jurisdictions, in which such offer or such solicitation would be prohibited. This document does not constitute an offer for the sale of securities in the United States.
--------------------
13.10.2020 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de --------------------
Language: English
Company: Formycon AG
Fraunhoferstraße 15
82152 Planegg-Martinsried
Germany
Phone: 089 864667 100
Fax: 089 864667 110
Internet: www.formycon.com
ISIN: DE000A1EWVY8
WKN: A1EWVY
Indices: Scale 30
Listed: Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt (Scale), Hamburg, Munich, Stuttgart, Tradegate Exchange
EQS News ID: 1140323
End of News DGAP News Service