Publication date: 22/11/2019
Celyad (Euronext Brussels and Paris, and Nasdaq: CYAD), a clinical-stage biopharmaceutical company focused on the development of CAR-T cell therapies, today announced that the Company has received €8.5 million in grants and non-dilutive funding from the Walloon Region of Belgium. These funds will help support the development of the Company’s CAR-T candidates, including CYAD-01 and CYAD-02 for the treatment of relapsed/refractory acute myeloid leukemia, as well as next-generation approaches currently in preclinical development. The funding for technological innovation received on behalf of the Walloon Region was approved by Mr. Willy Borsus, Vice-President of Wallonia, Minister of Economy, Foreign Trade, Research and Innovation, Digital, Agriculture and Territorial Development.
Filippo Petti, chief executive officer of Celyad, commented, "We are grateful to the Walloon Region, and especially to the SPW-Recherche for their steadfast commitment to Celyad over the past decade. The latest addition of the non-dilutive funding awarded by the Walloon Region will continue to support the innovation of CAR-T cell therapy development and allow for the advancement of several of our autologous and allogenic candidates. Since mid-2016, Celyad has been focused on the development of differentiated candidates within the CAR-T therapy landscape. We believe the additional funds awarded by the Walloon Region will further boost our ability to deliver novel immunotherapies to benefit patients with both hematological malignancies and solid tumors.”
Under the terms of this funding from the Walloon Region of Belgium, the Company was awarded a €2.4 million grant and non-dilutive funding in the form of recoverable cash advances (‘avances récupérables’) for €6.1 million. The regional funding is associated with the Company’s specific research and development programs. Under the applicable conditions, the recoverable cash advance is reimbursable over the economic life of the projects. Thirty percent is refundable based on a fixed reimbursement schedule varying between 20 and 25 years, while the balance is refunded under the form of royalties over the same period.
The Company also confirms its previous position that its treasury position, based on the current scope of activities and excluding the funding from the Walloon Region, should be sufficient to fund operating and capital expenditure requirements into first half 2021.
Celyad is a clinical-stage biopharmaceutical company focused on the development of specialized CAR-T cell-based product candidates and utilizes its expertise in cell engineering to target cancer. Celyad’s CAR-T cell platform has the potential to treat a broad range of solid and hematologic tumors. The company’s lead clinical candidate, CYAD-01, an autologous NKG2D-based CAR-T therapy, is currently being evaluated in several Phase 1 clinical trials to assess safety and clinical activity for the treatment of hematological malignancies, such as acute myeloid leukemia, and solid cancers, such as metastatic colorectal cancer. Celyad is also developing CYAD-101, an investigational, non-gene edited, allogeneic (donor derived) NKG2D-based CAR-T therapy, which is currently being evaluated in a Phase 1 trial for the treatment of patients with metastatic colorectal cancer. Celyad was founded in 2007 and is based in Mont-Saint-Guibert, Belgium, and New York, NY. Celyad’s ordinary shares are listed on the Euronext Brussels and Euronext Paris exchanges, and its American Depository Shares are listed on the Nasdaq Global Market, all under the ticker symbol CYAD.