CarThera announced today that it received a $2.3 million (€2 million) grant and $12 million (€10.5 million) in equity, totaling $14.3 million.
Paris-based CarThera was selected by the EIC Accelerator Pilot to receive the funds as it develops its Domeus project for treating glioblastoma patients. In addition to the money, CarThera is also slated to receive business coaching and mentoring through the accelerator, according to a news release.
The company’s Domeus project includes a multicenter, pilot clinical study for its SonoCloud-9 device designed to increase the intracerebral penetration of oncology drugs by transiently opening the blood-brain barrier without increasing dose or subsequent toxicity.
CarThera believes the project will lead to a scale-up in its processes and organizational structure and extend the functionalities of the SonoCloud device. Once completed, the project will transition the company’s status from a clinical-stage to a commercial-stage company, it said.
“The fact that the European Union has selected CarThera is a strong testament to the quality of the company’s technology and the sustainability of its development project,” CarThera CEO Frederic Sottilini said in the release. “The EIC grant will be a powerful financial tool for CarThera to keep apace in its developments and get to market quickly.”
CarThera already raised $11.5 million in Series B funding in December 2018 before launching the pilot study for the SonoCloud device. The company plans for another round of funding in early 2021 to further develop its device ahead of a planned commercial launch.