Touchlight receives half a million euros from Cdti to develop a platform for vaccine production
The Basque company Touchlight has obtained a grant from the Center for the Development of Industrial Technology to advance a tool for the rapid manufacture of adeno-associated virus drugs against COVID-19. Touchlight AAV is a joint venture between biotechnology companies Askbio and Touchlight Genetics. Both are specialized in the fields of AAV and DNA with the objective of better AAV production.
Touchlight advances research and development in the fight against the coronavirus. The Basque company has received $591,000 (€500,000) from the Center for the Development of Industrial Technology (Cdti), as explained by the director, Alfredo Martinez. The company will use the funding to develop a platform for the rapid production of adeno-associated virus (AAV) vaccines based on dbDNA against COVID-19.
Touchlight, based at the Guipuzcoa Technology Park, has secured funding from the Cdti, which is part of the Ministry of Science and Innovation, to help combat the coronavirus pandemic. The company specializes in gene therapy and manufactures DNA for the production of AAVs. Martínez explained that Touchlight has developed a process that allows skipping the bacterial step.
The biotech sector is in the spotlight these days, as the whole world is waiting for a vaccine that would put an end to the coronavirus pandemic. Read more about the latest advances in the search for a COVID-19 vaccine of the Spanish biotech company Touchlight and read the most important financial headlines with our companion app, Born2Invest.
Touchlight is immersed in a COVID-19 vaccine project together with the Massachusetts Eye and Ear Research Center
The company is working on a COVID-19 vaccine project that is sponsored by the Massachusetts Eye and Ear Hospital research center in Boston and in conjunction with Harvard Medical School.
“We believe that people treated with this vaccine will respond with an immune reaction after producing a good response against the coronavirus proteins,” commented Martinez. Touchlight’s director indicated that the grant will cover the research costs of the first phase of the project, such as material and personnel.
In case of passing the first phase, the second one would consist of a clinical trial of toxicity and an analysis by the company of the commercial value. Touchlight’s goal is to begin supplying this material to other companies in September.
Touchlight AAV is a joint venture between biotechnology companies Askbio and Touchlight Genetics. Both are specialized in the fields of AAV and DNA with the objective of better AAV production. Askbio is located in North Carolina and focuses on gene therapies, while Touchlight Genetics is in the UK and has high technology.
Touchlight expects to have a turnover of $15 million in 2021. The company was founded in February 2019 and started its activity on July 1st of the same year. The company currently has 35 employees and a 400 square meter facility. Martinez detailed that “the goal of turnover is $15 million in 2021.”
If the forecast is met, the company would reach the break-even, which the company places between $11 and $12 million. Finally, the company hopes to expand its workforce and reach fifty workers by 2021. In the first year of Touchlight’s life, the company has received $1.78 million (€1.5 million) from the Gauzatu Credit, which promotes the creation and development of technology-based or innovative companies, belonging to the Basque Government. The company has also raised $887,000 (€750,000) between an ICO credit, Asitek funding, and the Torres Quevedo grant.
(Featured image by Alexandra_Koch via Pixabay)
DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.
This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
First published in PlantaDoce, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.
Bitcoin Surges 4% after US Debt Limit Suspension Deal
While the tentative agreement has yet to be approved by Congress, its announcement has already had a positive impact. BTC...
Petro Government Asks Congress to Legalize Cannabis for Adult Use in Colombia
A project that seeks to legalize the cannabis market has never gone this far before, and those who support it...
How the Fintech Sector Helps with Financial Inclusion
The fintech industry can provide financial products and services that incentivize their use through internet and smartphone access. Fintech companies...
Peridot Solar Takes Over a 135 MW Agrivoltaic Project in Sicily from Iqony Solar Energy Solutions Italia
Peridot Solar, a company in FitzWalter Capital's portfolio, which invests in a wide range of sectors and asset classes, including...
Netpharmalab Reaches €3 Million in 2022 and Anticipates a 16% Increase in 2023
The company, which has 37 people on its staff, generates 80% of its turnover in the Spanish market and the remaining...
Featured1 week ago
The Debt Ceiling War Is Still Looming Over Us
Featured2 weeks ago
Rice Closed Higher Last Week and Closed at New Highs for the Move
Featured6 days ago
Invitalia’s Funding for Sustainable Projects
Crowdfunding2 weeks ago
Yeldo Crowd Closes its First Campaign with €2.5 Million Raised