THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY THE COMPANY TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU) NO. 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW PURSUANT TO THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMENDED. UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.
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.
Contacts
Genflow Biosciences | Harbor Access |
Dr Eric Leire, CEO | Jonathan Paterson, Investor Relations |
+32-477-495-881 | +1 475 477 9401 |
| Jonathan.Paterson@Harbor-access.com |
|
|
Corporate Brokers |
|
Capital Plus Partners Ltd | |
Keith Swann, +44 0203 821 6169 | |
Jon Critchley, +44 0203 821 6168 |
|
|
|
About Genflow Biosciences
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.
Please visit www.genflowbio.com and follow the Company on LinkedIn and Twitter/X.
DISCLAIMER
The contents of this announcement have been prepared by, and are the sole responsibility of, the Company.
This announcement may contain forward-looking statements. The forward-looking statements include, but are not limited to, statements regarding the Company's or the Directors' expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statement that refers to projections, forecasts or other characterisations of future events or circumstances, including any underlying assumptions, is a forward-looking statement. The words "anticipate", "believe", "continue", "could", "estimate", "expect", "intend", "may", "might", "plan", "possible", "potential", "predict", "project", "seek", "should", "would" and similar expressions, or in each case their negatives, may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.
Forward-looking statements include all matters that are not historical facts. Forward-looking statements are based on the current expectations and assumptions regarding the Company, the business, the economy and other future conditions. Because forward-looking statements relate to the future, by their nature, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Forward-looking statements are not guarantees of future performance and the Company's actual financial condition, actual results of operations and financial performance, and the development of the industries in which it operates or will operate, may differ materially from those made in or suggested by the forward-looking statements contained in this announcement. In addition, even if the Company's financial condition, results of operations and the development of the industries in which it operates or will operate, are consistent with the forward-looking statements contained in this announcement, those results or developments may not be indicative of financial condition, results of operations or developments in subsequent periods. Important factors that could cause actual results to differ materially from those in the forward-looking statements include regional, national or global, political, economic, social, business, technological, competitive, market and regulatory conditions.
Any forward-looking statement contained in this announcement applies only as of the date of this announcement and is expressly qualified in its entirety by these cautionary statements. Factors or events that could cause the Company's actual plans or results to differ may emerge from time to time, and it is not possible for the Company to predict all of them. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained in this announcement to reflect any change in its expectations or any change in events, conditions or circumstances on which any forward-looking statement contained in this announcement is based, unless required to do so by applicable law, the Prospectus Regulation Rules, the Listing Rules, the Disclosure Guidance and Transparency Rules of the FCA or the UK Market Abuse Regulation.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
SOURCE: Genflow Biosciences PLC
View the original press release on accesswire.com
