ExeVir Bio secures EUR 25 million venture debt financing from the European Investment Bank

ExeVir’s COVID-19 development program will focus on development of candidates for both treatment and prophylaxis and will be crucial for protecting the large number of immunocompromised people, approximately 3% of the general Western population [1], who remain at high risk of severe COVID-19 disease despite availability of current vaccines.

ExeVir leverages its unique, modular llama-derived antibody (VHH) technology platform to generate multi-specific antibodies for prophylaxis and treatment against COVID-19. ExeVir is evaluating highly potent, heavy-chain based antibodies, that are unique in targeting the subunits of the coronavirus spike protein via highly conserved epitopes, S1 and S2. The S2 region is highly conserved, making viral ‘escape variants’ less likely, but it is hard to target with most other approaches. Multiple high potential binders offer the potential of heterodimer binders to the spike protein in one molecule or a cocktail.

Exevir’s candidates demonstrate strong potency and breadth, neutralizing all known previous and current SARS-CoV-2 variants of concern. The Company continues to monitor and screen for neutralization of emerging viral variants of concern. ExeVir’s lead preclinical development candidate, XVR012, will be ready for further clinical development in 2023.

Dr. Torsten Mummenbrauer, CEO of ExeVir, said: “The ExeVir team has quickly developed significant expertise in leveraging its modular nanobody platform to address COVID-19. We are now using that experience to find rapid, effective solutions for new variants of this infectious disease, particularly as interventions to protect and treat the immunocompromised population, that continues to live in fear, have elapsed. COVID-19 has proven to be a devastating and highly unpredictable disease for this most vulnerable population. We are extremely pleased to secure the EIB’s support and endorsement at such a pivotal time for the Company, to ensure this unmet need is addressed in COVID-19 and preparations are in place for future pandemics.”

Fiona du Monceau, COO of ExeVir, said: “This funding from the EIB will support the development of our lead asset, XVR012. It will allow us to advance on our scientific roadmap, as well as help us to pursue our ambitious growth strategy and establish us as a truly European biotech champion combatting infectious diseases with high unmet medical needs. With EIB’s help, we can continue to focus on protecting populations for whom vaccines are not sufficient and who are unable to use antiviral therapies, such as the immunocompromised, as well as on preparing for future pandemics. We aim to bring our first product to market which has the potential to become a critical instrument in the toolbox for combating COVID-19.”

EIB Vice-President Kris Peeters said: “Developing advanced therapeutics for infectious diseases is key to protect our population, especially the most vulnerable. The EIB Group has worked closely with the European Commission to mobilise billions for both the urgent and the long-term response to COVID-19 in recent years. Our support for ExeVir is another example of how the EIB, as the EU bank and a public lender, has backed promising start-ups thanks to the guarantee of the European Union’s InnovFin programme. This programme has enabled us to build momentum in the all-important biotech, medical and health sectors and help create a truly European ecosystem in which innovation flourishes, and focused R&D can generate real benefits for our economies and, ultimately, our citizens.” 

[1] Global, regional, and national estimates of the population at increased risk of severe COVID-19 due to underlying health conditions in 2020: a modelling study (thelancet.com)

* The venture debt loan is part of EIB’s COVID-19 response and is guaranteed by the InnovFin programme under the EU’s Horizon 2020 budget.