NC Biomatrix receives €2.5M European Innovation Council grant to complete pre-clinical studies and run its first-in-human trial
—February 2, 2023
A €2.5M grant from the EIC has been awarded to NC Biomatrix, an NLC/TU Eindhoven medical device company developing next-generation natural biomatrix technology. In what the EIC called a “highly competitive selection process”, NC Biomatrix was one of only 78 companies out of more than 1,000 selected, and it is one of only 12 selected companies with a woman at the helm. The company’s ability to complete preclinical research and the first-in-human trial for Vitadisc®, its main product, will largely depend on this investment. In addition to this, the EIC has also pre-committed €6.7M equity to the company’s next fundraise.
Hundreds of millions of people worldwide suffer from chronic back pain. According to the WHO, it remains one of the leading causes of disability and lost economic value. The most common cause of persistent back pain is degenerative disc disease, but its treatment remains difficult. By providing a permanent solution to people who have struggled with chronic back pain and disability for years or decades, Vitadisc® aims to revolutionize the treatment paradigm.
Vitadisc® is a natural injectable device developed for the definitive treatment of chronic back pain due to degenerative disc disease, with potentially significant advantages over existing alternatives for treating this condition.
About European Innovation Council (EIC):
The European Innovation Council (EIC) has been established under the EU Horizon Europe Programme. It provides funding for individual companies (mainly start-ups and SMEs) through grants and investments to support game changing innovations throughout the lifecycle from early– stage research; to proof of concept, technology transfer and the financing and scale up of start-ups and SMEs. The investments currently take the form of direct equity or quasi-equity investments and are managed by the EIC Fund.