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The European Investment Bank has provided €15 million to fund coronavirus research at IRBM.
The European Investment Bank (EIB) has provided €15 million in funding to IRBM SpA, an Italian company specializing in biomedical and pharmaceutical solutions to combat diseases. The funding will be used to expand medical research and development to fight coronavirus and other infectious diseases.
The project is being financed via the InnovFin initiative, in cooperation with the European Commission, and funded by the European Union’s Horizon 2020 research and innovation program. The project will focus on expanding vaccine production, including quality control and assurance with state-of-the-art equipment and technologies, between 2022 and 2024.
According to EIB, IRBM’s Italian research infrastructure is among the largest in Europe, which will aid in a larger-scale development of vaccines to alleviate the ongoing global vaccine shortage. The project’s goals are also to help ensure a more resilient global response to potential future epidemics.
“We are proud that the EIB has decided to provide this financing to support IRBM Group's ambitious development plans which will help the world fight against coronavirus and other infectious diseases,” said Piero Di Lorenzo, president and CEO of IRBM. “The company is currently enhancing its role in the life science sector via the expansion of highly innovative research and manufacturing capabilities, the hiring of key staff with international expertise and through strategic acquisitions.”