Leiden company gets millions for snake venom medicine | Financial

VarmX’s drug consists of a protein inspired by the venom of the Australian brown snake, the second most venomous species in the world. Researchers at the biotech company discovered which protein of the venom is responsible for the clotting of blood and have developed a variant of it through genetic modification that works in the human body.

Patients taking blood thinners for cardiovascular disease sometimes experience severe spontaneous bleeding. VarmX’s drug should counteract that.

Innovation program

VarmX is one of 65 selected start-ups and SMEs, spanning 16 countries, to receive hundreds of millions in funding for groundbreaking innovations. The money will come from the EU innovation program European Innovation Council (EIC) Accelerator.

A panel of evaluators and EIC judges recommended that VarmX be awarded the maximum funding allowed. As part of the EIC community, VarmX also benefits from other benefits such as coaching, mentorship and access to investors and companies.

Currently, more than 10 million patients in the United States and Europe are treated with blood thinners. Of these, 2 to 3% will have to deal with spontaneous and serious life-threatening bleeding. VarmX’s drug is intended for this group.

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