A €5M investment supports GMP production and a short Phase I/II trial, involving 21 patients is expected to be completed in ~1 year.

Given the strong prior clinical validation of conventionally produced IBDV in >50 patients, positive trial results of the new drug candidate IBDV R903/78 will allow rapid monetization—selling it to VCs or pharmaceutical companies at many multiples of initial investment.

A good example for such a deal is when Merck bought Modifi Biosciences for $1.3 billion because it gave access to an experimental cancer therapy.