The German Federal Ministry of Education and Research has announced the first six funded biotech companies in its COVID-19 therapy initiative, which is being funded with up to €300 million. The funding is intended to financially accelerate Phase IIb and Phase III studies to improve medical care for patients with the disease.
In addition to NASDAQ-listed InflaRx (Nasdaq: IFRX) — an Investee Partner of bm|t — other companies selected for funding include AdrenoMed AG, Apogenix AG, Atriva Therapeutics GmbH, CORAT Therapeutics GmbH and DRK Baden-Württemberg-Hessen gGmbH. These candidates are developing drugs to stop viral replication in the early stages of the disease, as well as candidates to help alleviate the severe immune-related symptoms of later stages of COVID.
“At this point, only vaccination against Corona will help,” said German Health Minister Jens Spahn. “But we also want to take the horror out of the pandemic in the long term. That’s why we are promoting the development of new drugs so that we can continue to treat Corona patients well in the future. And we’re investing in the future because we’re also strengthening Germany’s position as a research and development location in the field of biotechnology.” Federal Research Minister Anja Karliczek said, “Even with widespread availability of COVID-19 vaccines, not everyone will be able to receive a vaccination. Therefore, more effective drugs are needed to treat sufferers. Due to the varying severity and stages of the disease, patients require different therapies. Consequently, a broad treatment repertoire is needed.”
About InflaRx N.V.:
InflaRx (Nasdaq: IFRX) is a clinical-stage biopharmaceutical company focused on applying its proprietary anti-C5a technology to discover and develop first-in-class, potent and specific inhibitors of C5a. Complement C5a is a powerful inflammatory mediator involved in the progression of a wide variety of autoimmune and other inflammatory diseases. InflaRx was founded in 2007, and the group has offices and subsidiaries in Jena and Munich, Germany, as well as Ann Arbor, MI, USA.
For further information please visit www.inflarx.com