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Genflow Secures €4 Million Non-Dilutive Financial Support from Wallonia Region for GF-1002 Development
LONDON, UK / ACCESSWIRE / October 22, 2024 / Genflow Biosciences Plc (LSE:GENF)(OTCQB:GENFF) ("Genflow" or "the Company") an emerging leader in the field of longevity research, focused on developing therapeutic solutions for the prevention of age-related diseases is pleased to announce today that it has received official confirmation of €4,026,525 in non-dilutive financial support from the Wallonia region. The funds will support the ongoing development of Genflow's lead gene therapy, GF-1002, for the treatment of Metabolic Associated Steatohepatitis (MASH), a severe and progressive liver disease.
The financial support comprises a €1,218,349.44 non-reimbursable research grant, covering 70% of the Company's research costs, and a €2,808,175.92 recoverable advance, repayable to the Wallonia region upon commercialisation GF-1002 for use in treating MASH, funding 55% of the Company's development costs. This funding, when received, is expected to cover three years of Genflow's development program for GF-1002,with the first installment being received as working capital. The Company is committed to securing the necessary funding to cover its share of the project over the next three years.
The securing of such funding marks a significant milestone for Genflow and will enable the Company to accelerate the clinical progress of GF-1002, which represents a novel approach to treating MASH, a condition with limited treatment options. The Wallonia region's financial support highlights the growing recognition of Genflow's innovative work in gene therapy.
Dr. Eric Leire, CEO of Genflow, commented: "We are delighted to receive this substantial financial backing from the Wallonia region as it is an important validation of our research and development efforts. It will allow us to further the development of GF-1002 and strengthen our position at the forefront of gene therapy innovation for MASH treatment. We would like to sincerely thank the Wallonia region for its support."
Further updates on the progress of GF-1002 will be provided in due course.
Founded in 2020, Genflow Biosciences Plc (LSE:GENF)(OTCQB:GENFF), a biotechnology company headquartered in the UK with R&D facilities in Belgium, is pioneering gene therapies to decelerate the aging process, with the goal of promoting longer and healthier lives while mitigating the financial, emotional, and social impacts of a fast-growing aging global population.
Genflow's lead compound, GF-1002, works through the delivery of a centenarian variant of the SIRT6 gene which has yielded promising preclinical results. Genflow's development program is exploring the potential benefits of GF-1002 in treating MASH (Metabolic Dysfunction-Associated Steatohepatitis), the most prevalent chronic liver disease for which there is no effective treatments.
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