The Argentinian-Uruguayan company Eolo Pharma receives private investments to carry out clinical trials of a novel drug for the treatment of obesity.
Eolo Pharma, a regional company focused on the development of new drugs, got 2.7 million dollars to perform preclinical and toxicological tests in a new compound with the potential to prevent and treat obesity and its complications. Once the studies are finished, the company will be able to move forward to trials in humans under standards. “In South America, even though they have a critical mass on pharmacology research, there have not been meaningful developments for new drugs in the last 50 years,” said Pía Garat, Eolo Pharma CEO.
The company was established in 2017 and it is based on the scientific work carried out by a multidisciplinary team of researchers and entrepreneurs from Institut Pasteur from Montevideo and Universidad de la República, Uruguay. The company got its first seed investment from CITES, the venture capital fund and startup accelerator from Grupo Sancor Seguros, together with a joint investment of the program Scientific Accelerators from the Argentinian government.
In the current investment round (series A) the attendants were CITES (which invested again) together with an international investors team led by Paul Elberse (FICUS CAPITAL), who showed themselves interested in getting access to investment opportunities in projects based on knowledge and with a potential impact over society.
“We are honored by the trust (of investors) placed over the team. We will use the funds to move towards the clinical development of our leading compound”. Commented Pía Garat, Eolo Pharma CEO.
Eolo Pharma technology is protected by invention patents with worldwide coverage that were co-developed by the Institut Pasteur from Montevideo and Universidad de la República de Uruguay and licensed to the company. In this regard, Carlos Batthyány, Institut Pasteur Director, said that “in the last years it has been demonstrated that all developed countries have science, technology and knowledge-based innovation as key strategies for the development and sustainability of their economies. For the researchers of this project is a great joy that from Uruguay we can make science guided by curiosity and go beyond trying to take a compound from the laboratory to the chemistry. The Institut Pasteur Montevideo bets to continue in this path making more and better science, but with the commitment that when necessary, the knowledge can be transformed into innovative products.”
To walk through this path from the development of a compound to the possibility of producing a drug, Eolo Pharma has a brilliant team of international advisors with a renowned experience in drugs development in United States, Italy, Swiss and Argentina. In the same way, it has participated from multiple international events managing to capture the interest of pharmaceutical and biotechnological companies that are leaders in the market.
About Eolo Pharma
Eolo Pharma focuses on developing new drugs for inflammation-related diseases, creating disruptive therapies for the treatment and prevention of the leading causes of death worldwide. The company holds global patents based on over 15 years of scientific data developed by the founders. Their developments worldwide protected with patents of intellectual property cover cardiovascular diseases, insulin resistance induced by obesity, neurodegenerative diseases such as ALS, allograft transplantation and autoimmune diseases.
About Institut Pasteur de Montevideo
The Institut Pasteur de Montevideo (IP Montevideo) is one of the centers of the Institut Pasteur International Network (RIIP in French), composed of 33 independent scientific institutions located in five continents and united by the same culture and values. Dedicated to scientific research in biomedicine applied to animals and humans, IP Montevideo is composed by research laboratories supported on high-tech scientific platforms in areas such as genomics, proteomics and bioinformatics. Its mission is to generate original knowledge and disruptive technological advancements with high international standards. With these examples and concept trials, IP Montevideo aims at valorizing research and thus contributing so that Uruguay starts to move towards a sustainable economy based on knowledge and innovation.
About FICUS CAPITAL
FICUS Capital offers a comprehensive set of services in large-scale projects development, advice in M&A transactions, corporate financing and execution of different transactions. FICUS Capital structure capital and it invests in the areas of renewable energies, biotechnology, technology and food. The company is characterized by the great commitment applied in the selected transactions, working with interdisciplinary teams with large international career and reaching more than 46 countries through the global network Globalscope.