TiGenix obtains EUR 2.9 million FP7 grant to fund development of Cx611 in rheumatoid arthritis
TiGenix announced that as the coordinator of an international consortium it has obtained a substantial grant from the European Seventh Framework Programme (FP7) to support the development of its Cx611 program of allogeneic expanded adipose derived stem cells for the treatment of rheumatoid arthritis. The so-called REGENER-AR consortium includes 10 partners from Spain, France, the UK, the Netherlands and Belgium, and consists of a combination of top-level research institutes, medical entities and biotech companies.
The consortium will receive a total of Euro 5.9 million, of which Euro 2.9 million is allocated to TiGenix and Cellerix, its Spanish subsidiary, to fund research and clinical development of Cx611. In addition, the grant covers the cost of preclinical studies performed by members of the consortium to improve the understanding of the disease modifying activity of Cx611, which will further reduce TiGenix's R&D expenses related to these studies.
"We are very pleased with the substantial FP7 grant awarded to the REGENER-AR consortium to support the development of stem cell therapies," said Eduardo Bravo, CEO of TiGenix. "We look forward to collaborating with our partners in the consortium, all of whom are dedicated to advancing cell therapy to the clinic. Including the cost of the preclinical studies conducted by some members of the consortium, the grant will effectively lower our cash outlay to finance the development of Cx611 by EUR 3.3 million."
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