Mont-Saint-Guibert, Belgium – 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 €2.5 million in non-dilutive funding. The amount is comprised of €2.1 million in non-dilutive funding from the SPW-Recherche of the Walloon Region, which will support the development of the company’s CAR-T candidates for the treatment of solid tumors, and €0.4 million of non-refundable tax incentive from Belgian Public Health Insurer.
Filippo Petti, chief executive officer of Celyad, commented, “These latest additions of non-dilutive funding awarded by the Walloon Region and the Belgian government continues to support the ongoing development of our CAR-T cell therapy platform and furthers the advancement of our hematological malignancy and solid tumor programs. We are grateful for their faithful support which amounted to a total of €11 million of non-dilutive funding in 2019 for the company. The funding also provides additional momentum for the company as we enter 2020 and drive towards our mission to develop innovative CAR-T cell therapy candidates for the treatment of cancer patients.”
Under the terms of this funding from the Walloon Region of Belgium, the Company was awarded non-dilutive funding in the form of recoverable cash advances (‘avances récupérables’) for €2.1 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.