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news.ORCA Therapeutics, a biopharmaceutical company, has obtained an innovation credit of around €5m from the Dutch government to develop its lead compound ORCA-010 for prostate cancer.
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As per the agreement, ORCA will receive €1,058,000 to carry out the first phase of the project, with an expected additional funding of about €5m on achieving specific milestones.
ORCA Therapeutics CEO Janneke Meulenberg said that these funds are only provided to innovative projects with strong commercial prospects.
"This credit will allow us to take the next steps in preclinical and clinical development of our ORCA-010 product for treatment of prostate cancer patients," Meulenberg added.
Based on ORCA’s proprietary T1 technology, ORCA-010 is a new, highly potent oncolytic adenovirus and targets multiple cancer indications.
The innovation credit from Agentschap NL, an agency executing programmes for the Dutch Ministry of Economic Affairs, Agriculture and Innovation, is dedicated to highly innovative projects.