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InteRNA Technologies Awarded EUR 1.3 Million Innovation Credit From Dutch Government

InteRNA Technologies Awarded EUR 1.3 Million Innovation Credit From Dutch Government -- UTRECHT, The Netherlands, November 16, 2010 /PRNewswire/ --

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InteRNA Technologies Awarded EUR 1.3 Million Innovation Credit From Dutch Government


UTRECHT, The Netherlands, November 16, 2010 /PRNewswire/ -- InteRNA Technologies B.V., a biopharmaceutical company developing pathway targeted microRNA (miRNA)-based therapeutics for cancer, today announced that it was awarded an Innovation Credit of EUR 1.3 million from the Dutch government. This award will support the development of miRNA-based therapeutics for the treatment of melanoma. The funding is granted by Agentschap NL, an agency of the Dutch Ministry of Economic Affairs, Agriculture and Innovation.

The Innovation Credit is a credit aimed at funding development projects that have a high innovative character and strong commercial potential. The projects have to be focused at the development of new products, processes or services.

"We are very pleased to receive this funding for our melanoma program as it recognizes the innovative character and commercial outlook of this project, a prerequisite to qualify for this facility," said Roel Schaapveld, CEO of InteRNA Technologies. "It allows us to further strengthen the R&D team and speed up the development of our miRNA-based therapy to treat more advanced stages of this aggressive form of cancer for which there currently is no adequate treatment."

The facility will become available upon achievement of specific milestones. The purpose of the Innovation Credit is to reduce the financial risk for entrepreneurs and, as such, repayment of the credit, contributing 35% of the total project budget of EUR 3.8 million, is subject to the commercial success of the project.

About InteRNA Technologies B.V.

InteRNA Technologies actively explores and exploits opportunities to translate its unique collection of miRNAs and miRNA discovery and validation technologies into successful diagnostic, prognostic and therapeutic applications. The company takes an holistic approach in R&D to unravel the biological role of its proprietary miRNAs and focuses on development of miRNA-based pathway targeted therapeutics for cancer. InteRNA Technologies was incorporated in December 2006 by Aglaia Oncology Fund and has established close relationships with the research groups of its founders Edwin Cuppen, PhD, and Eugene Berezikov, PhD, of the Hubrecht Institute (Utrecht, the Netherlands), leading scientific groups in the field of miRNA research. The company further has a series of R&D partnerships with Dutch- and US-based academic hospitals and research institutes.

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SOURCE InteRNA Technologies B.V.
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