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Scinai Immunotherapeutics Announces Award of Non-Dilutive Grant from Israel Innovation Authority Supporting its New CDMO Business Unit

JERUSALEM, Nov. 06, 2023 (GLOBE NEWSWIRE) -- via IBN -- Scinai Immunotherapeutics Ltd. (NASDAQ:SCNI) today announced that the Israel Innovation Authority (IIA) has approved a non-dilutive grant covering 66% of the costs of an ILS 3,536,939 (approximately US$900,000) project aimed at ramping up Scinai's new CDMO business unit. The grant is neither subject to repayment nor tied to royalty payments of any kind.

Scinai operates with a two-pronged approach to advancing healthcare. With exceptional research and development capabilities, the Company specializes in developing groundbreaking inflammation and immunology biological products dedicated to combating autoimmune and infectious diseases. Additionally, Scinai's comprehensive contract development and manufacturing organization (CDMO) services empower other biopharmaceutical companies by providing tailored drug development and GMP manufacturing for clinical trials to help bring their innovative therapies to market efficiently and effectively.

The publicly funded IIA is part of Israel's Ministry of Economy. Following intensive due diligence, the IIA recognized Scinai's capabilities to fill an underserved need in Israel's pharmaceutical R&D ecosystem. In particular, the IIA believes that Scinai's state-of-the-art GMP biologics manufacturing facility and adjacent R&D and QC laboratories, along with its experienced personnel, are well-positioned to provide highly sought-after R&D and manufacturing services.

The new business unit, marketed under the brand "Scinai Bioservices," provides biopharmaceutical and biotech clients in Israel and around the world with manufacturing process development for protein-based drugs, including host cell transfection / transformation, upstream and downstream process development and scale-up, analytical method development, and cGMP manufacturing for clinical trial supplies, including automatic aseptic filling.

The IIA grant covers approved expenses required for further developing Scinai's CDMO service for the next 12 months. The funds will be directed ...

Full story available on Benzinga.com


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