Genecode, which has secured a grant of 1.7 million euros and an additional equity investment of 14.3 million euros following a pre-clinical trial, has developed a drug for the treatment of chronic progressive neurodegenerative diseases such as Parkinson's disease and amyotrophic lateral sclerosis (ALS). No Estonian company has previously ever received such large financing from the EIC Accelerator, according to the Estonian Business and Innovation Agency.

Genecode CEO Paavo Pilv said that the support is extremely important for them and immediately helps to continue with research and development activities. Additionally, there is a future possibility to raise capital at a higher value.

"Our goal over the next few years is to conduct pre-clinical trials, that means to apply for permission to conduct human trials, to be followed logically by a licensing agreement with a global pharmaceutical company," said Pilv.

According to Pilv, the successful completion of the previous applied research program of Enterprise Estonia, which was helpful both in preparing the application and in the wider development process, helped Genecode get through the EIC application round.

Genecode's drug helps to restore damaged dopamine neurons and increases the level of dopamine in brain tissue. If the drug proves safe and effective as a result of clinical trials, the EIC sees this as a market-changing treatment method.

Estonian company Bettermedicine, which received a 2.5 million euro grant from the EIC Accelerator, automates the analysis of computerized tomography (CT) cancer scans. The AI-based solution can, unlike other methods currently in use, detect metastatic spread of cancer in various organs throughout the body and assess disease progression and response to treatment.

Considering that metastatic cancer causes 90 percent of all cancer deaths, Bettermedicine is a game-changer in the diagnostic market, according to the Business and Innovation Agency, as it significantly reduces the time spent on diagnosing metastases. Bettermedicine has previously also received consultation and support from the applied research program.

The EIC Accelerator is part of the European Union's framework program Horizon Europe 2021-2027 and provides riskier capital for deep technology startups and growth phase companies. Health and pharmaceuticals, which include both of the Estonia-based companies that received support from the latest round, is the largest project portfolio of the European Innovation Council, with a volume of 308 million euros.