Russia-based biopharmaceutical company Incuron obtained a $5m grant from Skolkovo, the Russian government initiative intended to encourage science and technology development, on Monday. Incuron’s research is focused around Curaxins, small molecules designed to combat cancer.
Incuron was formed through a partnership between US-based biotechnology company Cleveland BioLabs, backed by Cleveland Clinics, and the Russia-based venture capital fund Bioprocess Capital Ventures. One of the key investors in Bioprocess is VneshEconomBank, the Russian government-backed investment bank which functions by helping strengthen the country’s economy.
Andrei Leonov, chief executive officer of Incuron, said: "This prestigious Skolkovo grant significantly raises the profile of our work with Curaxins in oncology. Moreover, it may enable us to explore additional potential applications of this novel class of therapeutic agents. Scientific and medical innovation is a high priority for the country and we are proud to be developing such a promising platform of compounds.