SYGNIS AG to receive €1.9 million non-dilutive R&D funding from the Spanish government

28-Oct-2016 - Spain

SYGNIS AG announced that the Spanish Ministry of Economy and Competitiveness (MINECO), Department of Research and Development, has granted two soft loans under its prestigious and very competitive RETOS program to fund DNA research projects undertaken by the Company in collaboration with the National Center for Molecular Biology, the San Carlos Hospital and the R&D foundation Juan Dominguez, all collaborators are based in Spain. Through RETOS the Spanish government is financing innovation and scientific research projects of high social and economic impact for small, medium-sized and larger enterprises by providing grants and interest-free or low-interest-rate soft loans with long-term durations.

The selection process of business projects for the RETOS program is very strict. The fact that SYGNIS was chosen amongst many candidates, validates the quality and high level of innovation in SYGNIS’ research and development activities.

The soft loans are granted for research and development activities undertaken by SYGNIS and its collaborators relating to SYGNIS’ TruePrime™ and PrimPol™ technologies and the development of a Cell-Free DNA kit. SYGNIS is entitled to receive up to €1.2 million over a period of three years. The loan duration is ten years and interest rate is 0.06%. There is a grace period in the first three years of the loan. Up to €0.75 million will be received by SYGNIS’ collaborators as government grants.

“This non-dilutive and affordable research and development financing of our core technologies by the Spanish government confirms our innovation strategy,” said Pilar de la Huerta, Co-CEO and CFO of SYGNIS AG. “SYGNIS is now part of the exclusive group of Companies that have received financing under the ambitious RETOS program of the Spanish government. We are proud to be announcing this important funding for our research projects. This funding verifies the quality of our projects, the high level of innovation and also the impact potential on society and the economy of SYGNIS’ technologies. This could be exceptional in the case of our Cell-Free DNA kit,” de la Huerta noted.

https://www.bionity.com/en/news/160294/sygnis-ag-to-receive-1-9-million-non-dilutive-r-d-funding-from-the-spanish-government.html