Scinai Immunotherapeutics Announces Award of Non-Dilutive Grant from Israel Innovation Authority Supporting its New CDMO Business Unit
06 Novembre 2023 - 1:30PM
via IBN --
Scinai Immunotherapeutics Ltd. (Nasdaq: SCNI)
today announced that the Israel Innovation Authority (IIA) has
approved a non-dilutive grant covering 66% of the costs of an ILS
3,536,939 (approximately US$900,000) project aimed at ramping up
Scinai’s new CDMO business unit. The grant is neither subject to
repayment nor tied to royalty payments of any kind.
Scinai operates with a two-pronged approach to
advancing healthcare. With exceptional research and development
capabilities, the Company specializes in developing groundbreaking
inflammation and immunology biological products dedicated to
combating autoimmune and infectious diseases. Additionally,
Scinai’s comprehensive contract development and manufacturing
organization (CDMO) services empower other biopharmaceutical
companies by providing tailored drug development and GMP
manufacturing for clinical trials to help bring their innovative
therapies to market efficiently and effectively.
The publicly funded IIA is part of Israel’s
Ministry of Economy. Following intensive due diligence, the IIA
recognized Scinai’s capabilities to fill an underserved need in
Israel’s pharmaceutical R&D ecosystem. In particular, the IIA
believes that Scinai’s state-of-the-art GMP biologics manufacturing
facility and adjacent R&D and QC laboratories, along with its
experienced personnel, are well-positioned to provide highly
sought-after R&D and manufacturing services.
The new business unit, marketed under the brand
“Scinai Bioservices,” provides biopharmaceutical and biotech
clients in Israel and around the world with manufacturing process
development for protein-based drugs, including host cell
transfection / transformation, upstream and downstream process
development and scale-up, analytical method development, and cGMP
manufacturing for clinical trial supplies, including automatic
aseptic filling.
The IIA grant covers approved expenses required
for further developing Scinai’s CDMO service for the next 12
months. The funds will be directed towards purchasing additional
equipment and other investments to position Scinai as an end-to-end
provider of CDMO services at high international standards.
Amir Reichman, Scinai’s CEO, commented,
“I thank the IIA for its support of Scinai’s plans and their
concrete belief in the potential of our business to generate value
for stakeholders. This meaningful non-dilutive grant, which is not
subject to repayment, will not only advance our CDMO business unit,
but also provide much needed relief to our financial position,
thereby also indirectly helping our R&D business unit’s drive
towards developing our innovative NanoAb-based drug pipeline and
clearing the path towards developing Scinai into a company that
provides significant benefits to the local and global biopharma and
biotech industries, as well as to patients and investors.”
“Our ‘Scinai Bioservices’ booth attracted
tremendous interest at the CPHI Barcelona conference last month,
and I’m looking forward to meeting more potential CDMO clients at
this week’s BIO‑Europe conference in Munich,” added Reichman.
About Scinai Immunotherapeutics
Ltd.Scinai Immunotherapeutics Ltd. (Nasdaq: SCNI) is a
biopharmaceutical company focused on developing, manufacturing, and
commercializing innovative inflammation and immunology (I&I)
biological products primarily for the treatment of autoimmune and
infectious diseases. With a state-of-the-art facility for
biopharmaceutical product development and manufacturing and highly
experienced pharmaceutical industry leadership, Scinai offers
end-to-end boutique CDMO services in parallel to developing its own
pipeline of diversified and commercially viable products beginning
with an innovative nanosized VHH antibody (NanoAb) pipeline
targeting diseases with large unmet medical needs. Company website:
www.scinai.com.
Company ContactJoshua
Phillipson | +972 8 930 2529 | joshua.phillipson@scinai.com
Forward-Looking StatementsThis
press release contains forward-looking statements within the
meaning of the Private Litigation Reform Act of 1995. Words such as
"expect," "believe," "intend," "plan," "continue," "may," "will,"
"anticipate," and similar expressions are intended to identify
forward-looking statements. All statements, other than statements
of historical facts, included in this press release regarding
strategy, future operations, future financial position, future
revenue, projected expenses, prospects, plans and objectives of
management are forward-looking statements. Examples of such
statements include, but are not limited to, the development of the
Company’s CDMO business. These forward‑looking statements reflect
management's current views with respect to certain current and
future events and are subject to various risks, uncertainties and
assumptions that could cause the results to differ materially from
those expected by the management of Scinai Immunotherapeutics Ltd.
Risks and uncertainties include, but are not limited to, the risk
that that the Company will not be successful in becoming an
end-to-end provider of CDMO services at high international
standards, that Scinai may not be able to secure additional capital
on attractive terms, if at all; the risk that the therapeutic and
commercial potential of NanoAbs will not be met; the risk of a
delay in the preclinical and clinical trials data for NanoAbs, if
any; the risk that our business strategy may not be successful; the
risk that the European Investment Bank (EIB) may accelerate the
financial facility under its finance contract with Scinai; Scinai's
ability to acquire rights to additional product opportunities;
Scinai's ability to enter into collaborations on terms acceptable
to Scinai or at all; timing of receipt of regulatory approval of
Scinai’s manufacturing facility in Jerusalem, if at all or when
required; the risk that the manufacturing facility will not be able
to be used for a wide variety of applications and other vaccine and
treatment technologies; and the risk that drug development involves
a lengthy and expensive process with uncertain outcomes. More
detailed information about the risks and uncertainties affecting
the Company is contained under the heading "Risk Factors" in the
Company's Annual Report on Form 10-K filed with the Securities and
Exchange Commission on April 17, 2023. Scinai undertakes no
obligation to revise or update any forward-looking statement for
any reason.
Corporate
Communications:InvestorBrandNetwork (IBN)Los Angeles,
Californiawww.InvestorBrandNetwork.com310.299.1717
OfficeEditor@InvestorBrandNetwork.com
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