A piece of news
In recent years the firm has obtained a total of 32 million euros in loans
Oryzon Genomics, a clinical-stage biopharmaceutical firm focused on the use of epigenetics for the development of therapies for diseases with a significant unmet medical need, has closed a second tranche of its funding round with 5.3 million euros. This amount is on top of the various long-term loans closed by Oryzon in early May with different financial entities for a sum of 10.5 million euros.
The subscription of this second tranche of loans completes the funding round for a total amount of 32 million euros. In the second half of 2015 the firm initiated a private placement of its stocks, worth 16.5 million euros, which was completed with an additional 15.8 million euros in long-term loans.
“The business model of the biotech sector requires long-term funding, with major investments in R&D. It is far removed from financial investment policies that focus on the short term and which have traditionally been implemented in our country”, explained Oryzon’s financial officer, Enric Rello.
“The closure of this second tranche in the funding round”, said Rello, “shows the transformation of a significant part of the Spanish banking sector which, in the main, supports innovation and facilitates the development of our R&D programs for oncological and neurodegenerative diseases, giving Oryzon a stable financial position”.