NetworkNewsBreaks – Scinai Immunotherapeutics Ltd. (NASDAQ: SCNI) Receive $900K IIA Grant for New CDMO Business Unit
Scinai Immunotherapeutics (NASDAQ: SCNI), a biopharmaceutical company focused on developing, manufacturing and commercializing innovative inflammation and immunology (“I&I”) biological products primarily for the treatment of autoimmune and infectious diseases, has been named the recipient of a grant from the Israel Innovation Authority (“IIA”). According to the announcement, the IIA, which is publicly funded and part of Israel’s Ministry of Economy, approved a nondilutive grant covering 66% of the costs of an ILS 3,536,939 project aimed at ramping up Scinai’s new CDMO business unit; the approximate value of the grant is $900,000. The announcement noted that the grant is not subject to repayment or tied to royalty payments of any kind. The company noted that the award was given after intense due diligence by the IIA, which recognized Scinai’s capabilities to fill an underserved need in Israel’s pharmaceutical R&D ecosystem; the IIA also felt that Scinai’s state-of-the-art GMP biologics manufacturing facility and adjacent R&D and QC laboratories, along with its experienced personnel, are in an ideal position to provide key research and development as well as manufacturing services.
The new business unit will be marketed under the brand Scinai Bioservices and will offer manufacturing process development for protein-based drugs, including host cell transfection/transformation; upstream and downstream process development and scale-up; analytical method development; and cGMP manufacturing for clinical trial supplies, including automatic aseptic filling. “I thank the IIA for its support of Scinai’s plans and their concrete belief in the potential of our business to generate value for stakeholders,” said Scinai Immunotherapeutics CEO Amir Reichman in the press release. “This meaningful nondilutive grant, which is not subject to repayment, will not only advance our CDMO business unit but also provide much-needed relief to our financial position, thereby also indirectly helping our R&D business unit’s drive towards developing our innovative NanoAb-based drug pipeline and clearing the path towards developing Scinai into a company that provides significant benefits to the local and global biopharma and biotech industries, as well as to patients and investors.”