Norwegian Cytovation Receives 2M Euros In Funding

Bergen-based biotech company Cytovation developing CyPep-1 for the treatment of skin disorders, raised 2M euros (NOK 20M) in funding. The round was led by a group of private investors from Norway. The money will be used to progress CyPep-1 to Phase 1 clinical study.

CyPep-1 is a peptide consisting of 27 amino acids that selectively targets cutaneous warts through the destruction of the cell membrane and creating an immune response through the release of antigens. The funding will enable Cytovation to conduct pre-clinical toxicology studies and GMP manufacturing of CyPep-1 as a topical cream for the treatment of warts caused by the human papilloma virus (HPV). This is a completely novel treatment strategy to treat a common disease which has already undergone extensive testing and quality control and also has applications in other dermatological diseases.

Cytovation’s CEO, Kjell Inge Arnevig, commented on the financing: “We have been encouraged by the continuing support of our new and existing investors. These funds will allow us to move through toxicology studies and formulation towards our planned Phase I clinical trial for CyPep-1 with initial results expected during 2018.”