1 The EIC Accelerator Project
EIC Accelerator Program: An In-depth Overview
The EIC Accelerator program, part of the European Innovation Council (EIC), is designed to support small and medium-sized enterprises (SMEs) and startups across Europe. It focuses primarily on fostering innovation within the DeepTech sector by providing funding, mentorship, and networking opportunities. The program is particularly aimed at high-risk, high-potential companies that possess groundbreaking technologies and solutions.
Funding Structure
The EIC Accelerator offers a unique combination of grant and equity financing.
Purpose and Role in the Ecosystem
The EIC Accelerator plays a pivotal role in the European DeepTech and startup ecosystem. Its primary purpose is to bridge the funding gap that often exists for innovative companies, especially in their early stages. By providing substantial financial support, the program enables companies to transition from concept to commercialization. This, in turn, enhances Europe’s competitiveness in the global innovation landscape.
Moreover, the EIC Accelerator facilitates connections with private investors and industry partners. By demonstrating the viability of funded projects, it helps companies attract further investment, thereby ensuring a sustainable growth trajectory. This ecosystem approach not only benefits individual companies but also contributes to the overall health and dynamism of the European economy.
EIC Accelerator Winner: Celtic Biotech Ltd and Project CB24
Celtic Biotech Ltd, based in Ireland, emerged as a notable winner of the EIC Accelerator in March 2023 with their project, CB24. This innovative initiative is aimed at developing a natural therapeutic treatment specifically for late-stage lung cancer patients. The project underscores the urgent need for new treatment modalities in oncology, particularly for patients facing limited options due to advanced disease stages.
Project Overview: CB24
The CB24 project focuses on harnessing natural compounds to create a therapeutic solution that addresses the complexities of late-stage lung cancer. The core premise of the project is grounded in the understanding that conventional treatments often come with significant side effects and may not be effective for all patients. By utilizing natural compounds, Celtic Biotech aims to develop a treatment that not only enhances efficacy but also minimizes adverse effects.
Technology Background
The technology behind CB24 is rooted in the exploration of bioactive natural substances derived from plants and other organisms. These compounds are being investigated for their potential to modulate biological pathways involved in cancer progression. The research involves extensive screening and validation processes to identify the most promising candidates for therapeutic development.
The project encompasses various stages, including preclinical studies to assess the safety and efficacy of the compounds. This involves both in vitro experiments and animal models to gather critical data before moving to human clinical trials. The goal is to establish a treatment that can be integrated into existing cancer care protocols, providing a complementary option for patients.
Celtic Biotech’s innovative approach aligns with the growing trend towards personalized medicine, where treatments are tailored to individual patient profiles. By focusing on natural therapies, the company aims to offer solutions that are not only effective but also resonate with the increasing demand for holistic and integrative treatment options in oncology.
Conclusion
The EIC Accelerator program represents a significant advancement in supporting innovative startups and SMEs within the European landscape, particularly in the DeepTech domain. With its unique mix of grant and equity funding, the program facilitates the development and scaling of groundbreaking technologies. Celtic Biotech Ltd's project CB24 exemplifies the transformative potential of this initiative, addressing a critical need in cancer care and showcasing the vital role of the EIC Accelerator in nurturing such pioneering endeavors.
2 The Funding Rounds
Celtic Biotech Ltd: Financing and Funding Events Since EIC Accelerator Award
Celtic Biotech Ltd, based in Dublin, Ireland, is a biotech company focused on developing novel therapies for solid cancers and pain. The company has been particularly active since being awarded significant funding through the European Innovation Council (EIC) Accelerator Programme following the March 22, 2023 cut-off.
Financing Raised
- In June 2023, Celtic Biotech was announced as one of four Irish companies to win an EIC Accelerator funding approval of up to €18 million. This prestigious EU-backed support combines both grant and potential equity investment components typical of the EIC Accelerator’s “blended finance” model.
- The exact breakdown between grant versus equity for Celtic Biotech’s specific award is not disclosed publicly but aligns with standard EIC practice (grants up to €2.5M plus equity investments potentially exceeding €10M).
Funding Rounds
- EIC Accelerator Round: The EIC Accelerator award in 2023 represents a major milestone round for the company. This round followed evaluation by expert panels over several months—beginning with submission at the March 22 cut-off date, interviews in subsequent months, and public announcement in June 2023.
- No additional major private venture rounds or larger syndicate financings have been reported since this public announcement.
Timing and Amounts
- March 22, 2023: Submission deadline for Step 2 proposals; interview selection followed.
- June 20, 2023: Public announcement that Celtic Biotech was awarded up to €18 million under Horizon Europe’s EIC Accelerator Programme.
- The timing suggests funds would become available during summer-autumn of that year after completion of due diligence and negotiation processes typically required by the European Commission.
Investor Information
- The principal investor behind this recent round is the European Innovation Council Fund via its Horizon Europe programme. Enterprise Ireland also played a key supporting role but did not provide direct capital in this instance; instead it assisted with preparation and advocacy during application stages.
- Prior backers may include Enterprise Ireland from earlier commercialisation or seed stages but no new venture investors have been publicly revealed post-EIC funding.
Details Related to Funding Rounds
Company Valuations
Exit Events: IPOs & Acquisitions
- As of May 5th, 2025:
- No initial public offering (IPO), acquisition/buyout event or other exit transaction has been reported involving Celtic Biotech Ltd.
- The company remains privately held and continues advancing its lead product CB24 through early-stage clinical development using secured grant/equity financing from their recent award.
Summary Table
| Event | Date | Amount | Investor/Source | Notes |
|---|---|---|---|---|
| EIC Accelerator Award | Announced Jun '23 | Up to €18m | European Innovation Council Fund | Blended finance: grant + equity |
| Prior Investment | Pre-'23 | Not specified | Enterprise Ireland | Earlier support |
Sources
Four Irish start-ups win funding at Horizon Europe's 2023 EIC ... €18m funding win for four Enterprise Ireland client companies in ... EIC Accelerator winners and statistics March 2023 - Strata.team Celtic Biotech: Developing novel cancer treatments from snake venom Arthex Biotech Selected for EIC Accelerator Award of up to ...3 The Press Releases
Celtic Biotech’s EIC Accelerator Funding and Post-Award Developments Dublin-based Celtic Biotech Ltd, a clinical-stage biotechnology company, secured EIC Accelerator funding in March 2023 under Horizon Europe’s blended finance program. The award supports the completion of Phase I clinical trials for its lead drug candidate CB24, a biologic therapy derived from snake venom neurotoxins targeting non-small cell lung cancer (NSCLC) and treatment-associated pain.Key Details:
- Technology: CB24 utilizes receptor-binding proteins from snake venom to disrupt cancer cell membranes and intracellular signaling pathways, aiming to reduce tumor progression while minimizing side effects.
- Clinical Progress: Pre-clinical data presented at the 2018 American Association for Cancer Research conference demonstrated preclinical efficacy. The EIC funding accelerates Phase I trials in NSCLC patients with poor prognoses.
- Leadership: CEO Dr. Paul Reid emphasized alignment with Europe’s Beating Cancer Plan, noting the grant validates their strategy to address unmet needs in late-stage oncology. The team includes former executives from GlaxoSmithKline and Novartis, alongside academic advisors specializing in neurotoxins and oncology.
While no recent press releases directly from Celtic Biotech’s website or social media were identified in available sources, its post-funding trajectory focuses on advancing CB24 through clinical development stages. Enterprise Ireland continues supporting commercialization efforts as part of Ireland’s €129M+ approvals under Horizon Europe since 2021.
Sources
- EIC Accelerator winners March 2023
- Four Irish start-ups win Horizon Europe funding
- Enterprise Ireland announcement on €18M awards
4 The Technology Advancements
Current Capabilities of Celtic Biotech Ltd
Celtic Biotech Ltd, based in Dublin, Ireland, specializes in developing novel cancer therapies derived from specialized receptor-binding proteins found in snake venom. These products aim to increase survival rates, improve quality of life, and reduce treatment costs for cancer patients. The company's focus is on treating solid cancers and pain, with a particular emphasis on late-stage non-small cell lung cancer.
Advancements Since EIC Accelerator Funding
In March 2023, Celtic Biotech received significant funding from the European Innovation Council (EIC) Accelerator program. This funding has been instrumental in advancing their clinical trials, particularly for their lead drug, CB24. CB24 has shown promising results in Phase I clinical trials conducted in France, demonstrating a good safety profile and several tumor responses in patients treated.
The EIC funding has also enabled Celtic Biotech to accelerate the completion of Phase I clinical trials. The company plans to pursue Phase II trials and aims to partner with major pharmaceutical and biotech companies to bring their drug to market under compassionate release programs in the EU, UK, and US.
Technology Improvements and Demonstrations
Celtic Biotech's technology involves using proteins isolated from rattlesnake venom to target aggressive solid tumors and associated pain in cancer patients. The company has reported promising clinical trial results, which indicate potential improvements in cancer treatment outcomes. However, specific details on new features or technology enhancements since the EIC funding are not extensively documented in public sources.
The company has demonstrated its technology through clinical trials, with Phase I trials completed in France. These trials were conducted under the supervision of renowned oncologists and showed encouraging results, including tumor responses in several patients.
Patents and Scientific Publications
As of the latest available information, Celtic Biotech has not publicly announced new patents or scientific studies directly related to advancements made since receiving the EIC funding. Their clinical trials and research efforts are ongoing, with a focus on developing and refining their biologic products for cancer treatment.
Sources
- Celtic Biotech: Developing novel cancer treatments from snake venom
- Irish-US Company Celtic Biotech in French cancer venom trials reports grant boost
- €18m funding win for four Enterprise Ireland client companies in Horizon Europe EIC Accelerator
- Four Irish start-ups win funding at Horizon Europe's 2023 EIC Accelerator
5 The Partnerships and Customers
Celtic Biotech Ltd: Partnerships and Strategic Positioning Post-EIC Accelerator Funding Celtic Biotech Ltd, an Irish bio-pharmaceutical company, has advanced its clinical programs and partnerships following its 2023 EIC Accelerator award of €2.5M. The company specializes in developing peptide-based therapies derived from snake venom neurotoxins, particularly for non-small cell lung cancer (NSCLC) and treatment-resistant pain.Key Entities and Relationships
- Clinical Advisors: Collaborates with leading oncologists from France, Ireland, and China’s foremost experts in neurotoxin research to guide therapeutic development.
- Operational Team: Includes former executives from pharmaceutical giants GlaxoSmithKline (GSK) and Novartis, enhancing regulatory strategy and commercialization expertise.
- EIT Health Catapult Recognition: Named a 2024 semifinalist in the EIT Health Catapult program for life sciences, connecting it to pan-European investors and industry leaders.
While specific customer names remain undisclosed due to clinical-stage operations, the company targets partnerships with large pharma firms to accelerate late-stage trials for its lead candidate CB24. CEO Paul Reid emphasized alignment with Europe’s Beating Cancer Plan through its NSCLC-focused clinical trials funded by the EIC grant.
Strategic Impact of Relationships
The advisory network strengthens Celtic Biotech’s R&D precision, particularly in optimizing CB24’s receptor-targeting mechanism derived from snake venom proteins. Participation in EU accelerator programs enhances visibility among global investors—critical for scaling Phase I trials into multicenter studies. Enterprise Ireland’s continued support further aids regulatory navigation across key markets like the U.S. and EU.
Sources
- Irish-US Company Celtic Biotech in French cancer venom trials
- Four Irish start-ups win funding at Horizon Europe's 2023 EIC Accelerator
- €18m funding win for four Enterprise Ireland client companies
- Celtic Biotech: Developing novel cancer treatments from snake venom
6 The Hiring and Company Growth
Celtic Biotech Ltd: Growth and Developments Post EIC Accelerator Funding
Celtic Biotech Ltd, an Irish company based in Dublin, made significant strides after receiving funding from the EIC Accelerator program in March 2023. Here's an overview of their recent developments:
Current Headcount and Team Size
The company's current team size is not explicitly stated, but it has been noted that Celtic Biotech consists of former executives from major pharmaceutical companies like Glaxo-Smith-Kline and Novartis. This indicates a strong operational team with deep industry expertise.Hiring and Team Growth
Celtic Biotech is in a pre-revenue stage, focusing on developing novel therapies derived from snake venom. While specific hiring details are not available, the company's participation in innovation programs and funding achievements suggest an ongoing process of strategic team building and expansion.Recent Key Positions
The company's leadership includes Paul Reid as CEO and John Reid as COO. Paul oversees product development and regulatory affairs, while John handles legal, business, and funding aspects. The chief marketing officer is a former vice-president of Rexall Sundown, contributing to the company's marketing strategy with their extensive experience.Future Impact of New Team Members
The addition of experienced professionals from major pharmaceutical companies and other sectors enhances Celtic Biotech's capabilities in developing its lead product, CB24, a potential game-changer in solid cancer treatments. These new team members play a crucial role in scaling the company by bringing in expertise that can accelerate product development and facilitate strategic partnerships, ultimately aiding in securing further funding and expanding the company's market presence.Major Changes in Management or Founding Team
There are no reported major changes in the founding team or management since the EIC Accelerator funding. The Reid brothers continue to lead Celtic Biotech, with John focusing on business operations and Paul on the scientific and regulatory front.Conclusion
Celtic Biotech's success in the EIC Accelerator program highlights their innovative approach to cancer treatment. With a strong team in place, the company is poised for significant growth, particularly in the development and potential commercialization of CB24. The expertise of their team members will be instrumental in navigating the complex regulatory landscape and securing additional funding necessary for further development and market entry.Sources
- Celtic Biotech Limited - Irish Company Info
- Celtic Biotech: Developing novel cancer treatments from snake venom
7 The Media Features and Publications
Celtic Biotech Ltd: Media Features, Events, and Industry Recognition Post-EIC Accelerator FundingSince securing the European Innovation Council (EIC) Accelerator grant in 2023, Celtic Biotech Ltd has garnered notable media attention and industry recognition. Below is a detailed overview of their public engagements and coverage:
Media Features & Publications
- Silicon Republic: Highlighted the company’s development of CB24, a drug derived from snake venom neurotoxins for solid cancer treatment. The article emphasized its potential to improve survival rates and reduce costs compared to existing therapies.
- The Irish Times: Previously covered Celtic Biotech’s early work on snake venom-derived proteins in 2011, though recent post-EIC coverage focuses on renewed momentum under its leadership team.
- PR Newswire: Reported on clinical trials in France for CB24, noting tumor responses in patients and exceptional safety profiles during phase 1 studies.
Conferences & Events
- European Innovation Council (EIC) Accelerator Program: Awarded €2.5 million in grant funding alongside potential equity financing of €7.5 million after participating in the 2023 accelerator.
- EIT Health Catapult Competition: Progressed to the European semi-finals (2024) after winning regional finals for Ireland/UK, validating its therapeutic pipeline.
- While direct mentions of specific conference presentations are limited, advisory board members include leading oncologists from France/Ireland and neurotoxin experts linked to global research forums.
Podcasts & Interviews
No publicly listed podcasts or interviews were identified through available sources. However, co-founders Paul Reid (CEO) and John Reid (COO) have been quoted extensively about their vision for CB24’s clinical impact and business strategy post-EIC funding.Key Developments Post-EIC Funding
- Received Enterprise Ireland’s High Potential Start-Up (HPSU) designation in September 2022 ahead of EIC success.
- Expanded its team with former executives from GlaxoSmithKline, Novartis, and Rexall Sundown to advance regulatory/commercial efforts.
Sources Used:
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