PCI Biotech-led consortium awarded EUR 1.1 million grant from the EU Eurostars Programme

 PCI Biotech-led consortium ranked 3rd of more than 300 Europan projects and has been awarded € 1.1 million grant from the EU Eurostars ProgrammeOslo, Norway, March 23, 2009.The consortium that comprises the three companies PCI Biotech, SpectraCure and siRNAsense has been awarded € 1.1 million over 3 years from the Eurostars Programme, which for companies in Norway is funded by the Norwegian Research Council and EU. The project is entitled "Photochemical Internalisation for delivery of short interfering RNA (siRNA) - towards safe and specific cancer therapy". All the European projects were assessed by carefully selected independent technical experts and an independent evaluation panel. They were then ranked across all industries based on an assessment of the project content, technology and innovation, and market and competitiveness factors. The PCI Biotech-led project was ranked as number three of the 317 submitted applications.

PCI Biotech, SpectraCure and siRNAsense aim to develop their complementary technologies to fulfil unmet medical need in several disease areas, with cancer being a current focus area. The Eurostars funding will be used to develop a method for efficient light-directed delivery of siRNA to tumours. SiRNAs are gene-regulating compounds with significant therapeutic and commercial potential; the realization of which requries technologies for delivering siRNA into cells in the body.

Dr. Per Walday, CEO of PCI Biotech, comments: "The funding from Eurostars is important for PCI Biotech. The support gives financial backing in a critical phase of the development of the PCI technology, as well as an international collaborative opportunity between companies with innovative complementary technologies. We are very pleased that independent European experts share our view that photochemical internalisation may play an important role in future medical treatments".

PCI Biotech is a Norwegian biopharmaceutical company developing a novel light directed drug delivery system based on its patented photochemical internalisation (PCI) technology. Originating from world leading research at the Norwegian Radium Hospital, the PCI method involves first injecting target cells with a photosensitiser. Therapeutic molecules are then delivered to the cells and when these are illuminated the cells' endosomes are ruptured to allow successful delivery of the drug.

PCI can enhance the delivery of all molecules taken into the cell by endocytosis. This includes most types of macromolecules, drugs carried by antibodies or nanoparticles, as well as some small molecule drugs. In addition, PCI can facilitate the use of efficient, but very toxic anti-cancer compounds, by restricting their effects to the target site.

PCI Biotech follows a dual strategy of using its technology to improve the effect both of existing drugs and of emerging treatments such as gene therapy. PCI Biotech's first clinical study combines the proprietary photosensitiser Amphinex(TM) with the cytotoxic agent bleomycin and is scheduled for start in 2009.

Contact information:
PCI Biotech Holding ASA, Hoffsveien 48, N-0377 Oslo, Norway
Per Walday, CEO
Email: pw@pcibiotech.no
Mobile: +47 917 93 429