Source: European Commission Spokesperson's Service
The European Investment Bank (EIB) will provide €20 million to finance the research, development and innovation programme of Galenicum, a pharmaceutical company founded in Barcelona, Spain.
The project is backed by a guarantee provided by the European Fund for Strategic Investments (EFSI), the main pillar of the Investment Plan for Europe. This financing will support the company's development of medicines in various treatment areas such as diabetes, oncology and the central nervous system. Furthermore, the financing will contribute to efforts to mitigate the effects of COVID-19 since Galenicum manufactures medicines widely used to treat the virus like paracetamol (first line of treatment of symptoms) and metformin (essential treatment for diabetic patients, who are vulnerable to COVID-19).
Commissioner for the Economy, Paolo Gentiloni, said: Thanks to the Investment Plan for Europe, the EIB has signed a financing agreement with Spanish pharmaceutical company Galenicum that manufactures drugs, including those used to treat the COVID-19 virus. The new funding will allow the company to expand its operations and portfolio of products and services helping for instance patients affected by cancer and diabetes. This EU support comes at the right time when groundbreaking medical research is more important than ever.
The Investment Plan for Europe has so far mobilised €546 billion of investment across the EU, of which €63 billion in Spain.
The press release is available here.