SparingVision receives final tranche payment from the European Investment Council as part of the EIC Accelerator Program
Paris, April 20, 2023 – SparingVision (“the Company”), a clinical-stage genomic medicine company developing vision-saving treatments for ocular diseases, today announces that it has received the final tranche payment from the European Innovation Council (EIC) as part of its “EIC Accelerator” program.
In July 2019, SparingVision was awarded a non-dilutive funding of €2.5million from the EIC Accelerator program to support the development of SPVN06, the company’s lead gene agnostic gene therapy product. Payment of this final tranche was linked to the successful completion of the development of SPVN06 up to clinical stage.
Stanislas Piot, Chief Financial Officer of SparingVision, commented: “We are grateful for the support of the EIC, which was instrumental in the development of SPVN06. Beyond the resources it provided, being part of the EIC Accelerator Program brought a first recognition of the value of our research and the potential of our lead gene-agnostic gene therapy program for patients suffering from Retinitis Pigmentosa”.
The EIC Accelerator is a highly competitive program which supports top-class, high-potential small and medium-sized companies, with funding up to €2.5 million to help them develop and bring to market innovative products that could drive economic growth. It is a program of the European Innovation Council, Europe’s flagship innovation program to identify, develop and scale up breakthrough technologies and game changing innovations. The EIC has been established under the EU Horizon Europe program, with a budget of €10.1 billion to support game changing innovations throughout the lifecycle from early-stage research, to proof of concept, technology transfer, and the financing and scale up of start-ups and SMEs.