Angers, May 12th, 2020 – GlioCure SAS, a biotech company specialised in neuro-oncology, held its ordinary Annual General Meeting, and ratified the decision to subscribe 250,000 € of convertible bonds issued by Bpifrance via their PIA3 program. This funding follows-on from the certification of GlioCure, last October, by « French Tech Seed » Paysde-la-Loire, a consortium led by Atlanpole and which brings together SATT Ouest Valorisation, Angers Technopole, Le Mans Innovation and Laval Mayenne Technopole.
With this funding, GlioCure has finalised its seed capitalisation of 600,000 €. In addition to the financing by Bpifrance, this sum includes 350,000 € of equity investments and quasi-equity from Dr. Bernard Majoie, the former CEO of the Pharmaceutical group Fournier and President of the Fournier-Majoie foundation for innovation specialized in oncology, as well as investments from several dozen individual investors via a crowd-funding operation run by Happy Capital.
The money raised will permit GlioCure to confirm the proof of efficacy of its first drug candidate, GC01, for the treatment of Glioblastoma, the most frequent and aggressive primary brain tumour, and to continuing its pharmaceutical development. During the next few months GlioCure intends to begin a new fund-raising round in order to initiate studies to refine the treatment schedule of GC01 and to enlarge its potential indications.
During the Annual General Meeting, GlioCure’s accounts (closed on the 31st December 2019) were approved, and thanks to a second consecutive profitable year, they revealed a clear improvement in GlioCure’s financial situation, notably due to the continued capitalisation of the R&D work performed on GC01.
GlioCure thus confirms its strategy to make an early-stage industrial deal for its lead anti-cancer peptide drug candidate, GC01, which is currently approaching the end of non-regulatory pre-clinical development. The objective is to sign the deal at the latest upon gaining authorisation for starting Clinical Trials, within 30 months from now.
About French Tech Seed :
With resources of 400 million Euros and managed by Bpifrance, the French Tech Seed fund is designed to provide a leverage effect to private investment in technology-based companies that are less than 3 years old. It operates on the basis of co-investment. Issued by the Programme d’Investissements d’Avenir (PIA), the fund functions via certified opinion-leaders who identify and qualify future technical discoveries and work in co-ordination with private investors.
About GlioCure :
GlioCure is a spin-off from Angers University (France) and McGill University (Montréal, Canada) and is specialised in neuro-oncology. Positioned in the field of illnesses that affect glial cells, cells which are essential for good neuronal function, GlioCure’s mission is to identify, select and develop new molecules of interest, particularly for the treatment of brain tumours.
GlioCure is thus pursuing development of its first drug candidate, GC01, a « first-in-class » anti-mitotic and neuroprotective peptide, for the treatment of Glioblastoma, the most frequent and aggressive primary brain tumour which has an average survival time of 15 to 18 months after diagnosis, and which is responsible for around 200,000 deaths per year in the world.
For more information please see our website: www.gliocure.com
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