Scinai seeks €12 million EU grant for autoimmune drug development

Scinai Immunotherapeutics Ltd. (NASDAQ: SCNI) submitted a revised application for €12 million in non-dilutive funding from the European Funds for the Modern Economy SMART Path program to support development of its PC111 drug candidate.

The Jerusalem-based biopharmaceutical company also executed a second amendment to its binding option agreement for acquiring PinCell S.r.l., extending the option deadline to August 31, 2026, and the exercise period to September 30, 2026.

The revised grant application seeks funding for a €15 million integrated research and development program for PC111, representing 80% project co-financing. PC111 is a monoclonal antibody targeting soluble Fas Ligand for treating pemphigus vulgaris and Stevens-Johnson Syndrome/Toxic Epidermal Necrolysis.

Scinai expects a funding decision within three to four months following submission. The company stated that no approved therapies currently exist for Stevens-Johnson Syndrome/Toxic Epidermal Necrolysis.

"Securing substantial non-dilutive funding at this stage would meaningfully de-risk the PC111 program while maintaining disciplined capital allocation and preserving strategic flexibility," said Chief Executive Officer Amir Reichman.

The funding would enable Scinai to advance PC111 through early clinical development and human proof of concept studies. The company operates both a contract development and manufacturing organization alongside its immunology research pipeline.

Information is based on a company press release statement.

You May Also Be Interested In

• Real and RE/MAX Holdings set Aug. 24 merger closing date
• ESS Tech launches $3.2M stock offering at $0.50 per share
• Aveanna selling stockholders launch 15M share secondary offering