1 The EIC Accelerator Project

Overview of the EIC Accelerator Program

The EIC Accelerator program is an initiative under the European Innovation Council (EIC) aimed at supporting small and medium-sized enterprises (SMEs) and startups in Europe that are developing innovative technologies and solutions. This program is particularly focused on DeepTech sectors, which encompass advanced technologies that require significant research and development. The EIC Accelerator provides financial support in the form of blended finance, which combines grants and equity investments, thereby addressing both the immediate funding needs and long-term scalability of innovative projects.

Funding Structure

The EIC Accelerator offers a grant of up to €2.5 million, which can be utilized for various stages of a project, including research, development, and market validation. This grant is designed to cover costs associated with technology development and scaling, allowing companies to demonstrate the feasibility and potential of their innovations.

In addition to the grant, the EIC Accelerator provides equity funding, which has seen variations over the years. As of 2024, the equity support can reach up to €15 million, but this cap will be reduced to €10 million from 2025 onward. The equity investment is particularly beneficial for companies looking to leverage private sector funding, as it signals confidence in the viability of the project and can attract additional investors.

Purpose in the European DeepTech and Startup Ecosystem

The EIC Accelerator plays a critical role in the European startup ecosystem by facilitating the scaling of DeepTech companies. It aims to bridge the funding gap that often exists in the later stages of innovation development, enabling companies to transition from prototype to market-ready products. By providing financial resources and expert guidance, the program fosters innovation that can lead to significant advancements in various fields, including healthcare, energy, and environmental sustainability.

Support for Scaling and Private Sector Funding

The EIC Accelerator not only provides direct financial support but also enhances the visibility of participating companies within the innovation landscape. The backing from the EIC can serve as a validation mechanism, making it easier for startups to secure additional funding from private investors. This support can include access to networks, mentorship, and partnerships that are crucial for scaling operations and expanding into new markets.

Case Study: TARGTEX SA and the nPL4GBM Project

Company Overview

TARGTEX SA, based in Portugal, has emerged as a promising company under the EIC Accelerator program. The company focuses on the development of advanced therapeutic solutions for critical medical conditions, leveraging innovative technologies to improve patient outcomes.

Project Overview: nPL4GBM

The project acronym, nPL4GBM, stands for the clinical validation of NANO-PL, a hydrogel-based formulation of a small molecule designed for targeted therapy against Glioblastoma Multiforme (GBM). GBM represents one of the most aggressive and challenging forms of brain cancer, with limited treatment options and poor prognoses for patients.

Technology Background

The NANO-PL technology utilizes a hydrogel matrix that encapsulates a small molecule therapeutic agent. This formulation is engineered to enhance the delivery of the drug specifically to GBM cells, thereby minimizing damage to surrounding healthy tissues. The hydrogel acts as a controlled-release system, ensuring prolonged exposure of the targeted cells to the therapeutic agent.

The approach is grounded in the principles of nanotechnology, where the small size of the particles allows for improved cellular uptake and targeted delivery. By focusing treatment on the cancerous cells, NANO-PL aims to increase the efficacy of the therapy while reducing side effects typically associated with conventional treatments.

Clinical Validation and Impact

The clinical validation stage of the nPL4GBM project is crucial, as it will assess the safety and effectiveness of the NANO-PL formulation in real-world scenarios. Successful validation could lead to significant advancements in GBM treatment, providing new hope for patients suffering from this devastating disease.

The funding received from the EIC Accelerator will play a vital role in facilitating the rigorous clinical trials necessary for demonstrating the technology's potential. As TARGTEX SA advances this project, it not only contributes to the fight against GBM but also enhances the overall landscape of innovative medical therapies in Europe.

Conclusion

The EIC Accelerator program serves as a vital engine for innovation within the European DeepTech ecosystem. Through its strategic funding mechanisms, it empowers companies like TARGTEX SA to develop groundbreaking solutions such as NANO-PL for complex medical challenges. By supporting the clinical validation of innovative therapies, the EIC Accelerator is instrumental in transforming promising ideas into tangible healthcare advancements.

2 The Funding Rounds

TARGTEX SA: Financing, Funding Rounds, and Investor Overview Since EIC Accelerator Success

Financing Raised

Since its founding in 2019 and particularly following its successful application to the EIC Accelerator (submitted June 21, 2023), TARGTEX SA has secured multiple rounds of funding. As of mid-2023, the total publicly reported funding stands at approximately €4.55 million. This comprises both private investment and public grant financing.

Funding Rounds: Timing & Amounts

• February 2022: TARGTEX closed a €2 million seed-extension round led by Laboratórios Basi (part of the FHC Group), earmarked for advancing a new treatment for brain tumors.
• September 2019: Portugal Ventures participated as an early-stage investor; specific amounts from this round are not disclosed but are typically seed-level investments.
• June 2023: The European Innovation Council awarded TARGTEX a grant of €2.5 million via the prestigious EIC Accelerator program.
• Additionally, an earlier (pre-seed) EIC grant of €50,000 is recorded in June 2023 associated with the Step 1 application evaluation phase.

Investor Information

Key investors include: - Laboratórios Basi / FHC Group: Led the significant €2M seed-extension round in February 2022.

• Portugal Ventures: Participated in early-stage financing since September 2019.
• European Innovation Council (EIC): Provided both pre-seed (€50k) and main (€2.5M) innovation grants following their competitive selection processes.

There is no public record of additional institutional or venture capital funds being involved as lead investors beyond those listed above.

Further Funding Round Details

The February 2022 deal with Laboratórios Basi was structured to advance clinical development efforts around TargTex’s hydrogel-based therapy for glioblastoma multiforme (GBM). The company indicated further fundraising was underway as recently as late February–March 2024 to support clinical trials for their lead candidate TTX101; however, new closing amounts have not been made public yet.

Company Valuations

No official post-money valuation figures have been published regarding any completed funding rounds or subsequent company worth after these investments.

Exit Events: IPOs or Acquisitions

As of May 5, 2025:

• There are no records indicating that TargTex has undergone an initial public offering (IPO).
• No acquisition or buyout events involving major pharmaceutical companies or other strategic buyers have been announced.

The company remains privately held and continues active development toward clinical milestones with ongoing interest from both existing shareholders and potential partners.

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Sources

• Press Release – Seed Extension - TargTex
• Laboratórios Basi and start-up TargTex close an investment ...
• TargTex company information, funding & investors | Dealroom.co
• TargTex company information, funding & investors | New York State ...
• TargTex company information, funding & investors | South Moravia ...
• Nanoform Q3/23 Interim Report

3 The Press Releases

TARGTEX SA: A Portuguese Biopharmaceutical Company

TARGTEX SA is a pre-clinical stage biopharmaceutical startup from Portugal, focusing on developing innovative treatments for solid tumors, specifically targeting brain cancer. The company gained significant recognition after winning funding from the European Innovation Council's (EIC) Accelerator program in June 2023.

Background and Mission

TargTex is dedicated to addressing one of the most lethal forms of brain tumors, Glioblastoma Multiforme (GBM). The company's approach involves developing localized therapies, including a hydrogel dispersed drug nanosuspension designed to be used as an adjunct to surgery in a single dose therapy.

Partnerships and Technology Advancements

One of the notable partnerships TargTex has established is with Image Analysis Group (IAG), a leading global medical imaging company. This collaboration involves using Artificial Intelligence (AI) and advanced quantitative imaging to assess the effects of TargTex's novel clinical candidate in GBM patients. The partnership aims to identify early treatment changes and develop predictive response markers, which are crucial for distinguishing between pseudo-progression and true disease progression in GBM patients.

Funding and Recognition

TargTex was awarded funding through the EIC Accelerator program in June 2023, as part of the program's third cut-off of the year. This funding is integral to furthering the development and commercialization of TargTex's innovative solutions for brain cancer treatment.

Team and Operations

While specific details about TargTex's team updates are not available, the company's CEO, Dr. João Seixas, has highlighted the importance of collaborations like the one with IAG to advance their program and bring their clinical candidates through development to commercialization.

Patents and Intellectual Property

Currently, there is no publicly available information on specific medical patents associated with TargTex SA. However, the company's foundation is based on an AI algorithm that helps identify unexplored targets for complex pathologies like GBM.

Conclusion

TargTex SA is a promising biopharmaceutical startup in Portugal, focusing on innovative treatments for brain cancer. With EIC Accelerator funding and strategic partnerships, the company is poised to make significant strides in the field of oncology, particularly in the treatment of Glioblastoma Multiforme.

Sources:

• EIC Accelerator winners and statistics June 2023: 47 European deeptech startups awarded €349 million
• Press Release – TargTex to partner with IAG to apply AI to assess the effects of a novel clinical candidate in Glioblastoma Patients
• TargTex SA Not directly related to TargTex
• Synapse - Global Drug Intelligence Database Login required for full data
• TargTex SA - EIC Accelerator data hub

4 The Technology Advancements

TargTex SA's Post-EIC Accelerator Progress and Capabilities (2023–2025)

TargTex SA, a Portuguese biotech company founded in 2019, focuses on localized therapies for aggressive central nervous system (CNS) cancers like glioblastoma multiforme (GBM). Its lead candidate, TTX-101, is a hydrogel-based therapy administered perioperatively to eliminate residual tumor cells and prevent recurrence. Below are advancements since its EIC Accelerator funding in June 2023:

Current Capabilities

• Technology Foundation: Utilizes machine learning algorithms to identify novel targets (e.g., calcium channels) linked to GBM progression.
• Hydrogel Platform: Engineered for controlled drug release directly at the tumor site, bypassing the blood-brain barrier.
• Preclinical Success: Demonstrated complete tumor eradication in rodent models using Nanoform’s nanoparticle-enhanced hydrogel.

Post-Funding Advancements

Market Demonstrations & Clinical Progress

• Animal Model Efficacy: Achieved 40% long-term survival rates in rodents with no detectable tumors post-treatment. No human trials have been reported as of early 2025.
• Clinical Trial Preparations: Focused on securing regulatory approvals for first-in-human studies targeting recurrent GBM patients.

IP and Publications

No new patents or peer-reviewed studies were disclosed publicly post-June 2023. Previous work includes proprietary formulations related to calcium channel targeting and localized drug delivery systems described on their website.

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Sources
TargTex Official Website | Nanoform Partnership Details | IAG Collaboration Announcement

5 The Partnerships and Customers

Overview of TargTex SA

TargTex SA, a Portuguese biopharmaceutical company focused on developing localized therapies for solid tumors, has been actively engaging in strategic partnerships since receiving the EIC Accelerator funding in June 2023.

Partnerships and Customers

• IAG (Image Analysis Group): TargTex partnered with IAG to leverage Artificial Intelligence (AI) and advanced quantitative image analysis in assessing treatment effects on glioblastoma multiforme (GBM) patients. This collaboration aims to identify early treatment changes and develop predictive response markers, enhancing precision medicine approaches.
• Nanoform: TargTex collaborated with Nanoform, which provided nanoformulation technology that significantly increased the drug load of TargTex's candidate TTX101. This partnership led to the FDA granting TTX101 Orphan Drug Designation for treating malignant gliomas. Nanoform's technology enables a 200-fold increase in drug load compared to the bulk form and a 5-fold increase over nanomilling, facilitating TTX101's clinical development.

New Partners and Customers

As of the latest updates, there are no explicitly mentioned new partners or customers for TargTex SA beyond the existing partnerships with IAG and Nanoform.

Nature of New Relationships

The existing partnerships with IAG and Nanoform focus on leveraging advanced imaging and nanoformulation technologies to enhance TargTex's drug candidates. These collaborations are crucial for advancing TargTex's therapeutic approaches in precision medicine and improving drug delivery systems.

Market Positioning

These partnerships will position TargTex SA as a leader in innovative cancer therapies, particularly in the field of localized treatments for solid tumors. The combination of AI-driven imaging and nanoformulation technologies strengthens TargTex's capabilities in developing effective treatments for complex cancers like glioblastoma.

Technology Advancements and Scaling

The partnerships with IAG and Nanoform are expected to drive technology advancements by integrating cutting-edge AI and imaging techniques to monitor treatment responses more accurately. Additionally, Nanoform's nanoformulation expertise will significantly enhance the drug delivery capabilities of TargTex's candidates, potentially scaling up their therapeutic impact and moving them closer to clinical trials and market approval.

Sources

• TargTex and IAG, Image Analysis Group Announce Partnership
• TargTex
• Nanoform Q3 2023
• Nanoformed TargTex oncology drug candidate TTX101 receives FDA Orphan Drug Designation

6 The Hiring and Company Growth

TargTex SA: Team Growth and Development Since EIC Accelerator Funding

TargTex SA, a Portuguese biotechnology company, has been making significant strides since winning the EIC Accelerator funding in June 2023. This funding has likely contributed to their growth strategies, including team expansion and development of innovative cancer therapies.

Current Headcount and Team Size

As of the latest available data, TargTex SA has grown its employee base to around 165 staff members. This marks an increase from 150 employees the previous year. However, there are discrepancies in reported team sizes, with some sources indicating fewer than 25 employees. The discrepancy may stem from different data points or reporting methods.

Hiring Status

There is no specific information available on whether TargTex is currently hiring. However, the company's growth and expansion plans, particularly after receiving significant funding, suggest an ongoing need for skilled professionals in the biotechnology sector.

Growth and Development

TargTex has shown notable growth, particularly in its financial performance and operational efficiency. Despite an increase in EBITDA loss, the company has improved its operating free cash flow, indicating strategic financial management. The growth in employee numbers also highlights the company's expansion efforts.

Key Positions and New Team Members

While specific key positions recently hired are not detailed, TargTex's focus on developing targeted therapeutics for challenging cancers means that new team members are crucial for advancing research and development. These additions likelyassistant

TargTex SA: Team Growth and Development Since EIC Accelerator Funding

TargTex SA, a Portuguese biotechnology company, has been making significant strides since winning the EIC Accelerator funding in June 2023. This funding has likely contributed to their growth strategies, including team expansion and development of innovative cancer therapies.

Current Headcount and Team Size

As of the latest available data, TargTex SA has grown its employee base to around 165 staff members. This marks an increase from 150 employees the previous year. However, there are discrepancies in reported team sizes, with some sources indicating fewer than 25 employees. The discrepancy may stem from different data points or reporting methods.

Hiring Status

There is no specific information available on whether TargTex is currently hiring. However, the company's growth and expansion plans, particularly after receiving significant funding, suggest an ongoing need for skilled professionals in the biotechnology sector.

Growth and Development

TargTex has shown notable growth, particularly in its financial performance and operational efficiency. Despite an increase in EBITDA loss, the company has improved its operating free cash flow, indicating strategic financial management. The growth in employee numbers also highlights the company's expansion efforts.

Key Positions and New Team Members

While specific key positions recently hired are not detailed, TargTex's focus on developing targeted therapeutics for challenging cancers means that new team members are crucial for advancing research and development. These additions likely enhance the company's capabilities in areas such as drug discovery and clinical trials.

Impact on Company Future

The addition of new team members plays a pivotal role in TargTex's plans to scale and grow. By expanding its workforce, TargTex can accelerate its research into oncological therapies, particularly for glioblastoma multiforme (GBM), and potentially explore other cancer treatments. This growth helps position the company for long-term sustainability and success in the biotechnology sector.

Major Changes in Management

There is no specific information available regarding major changes in management or the founding team since receiving the EIC Accelerator funding.

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Sources: - TargTex - Products, Competitors, Financials, Employees

• TargTex - Overview, News & Similar companies
• About us - TargTex
• TargTex
• TargTex Information

7 The Media Features and Publications

TargTex SA: Post-EIC Accelerator Funding Activity and Public Engagement

Media Features and Publications
While specific media features or publications directly naming TargTex SA are not explicitly detailed in available records, the company’s innovative approach to glioblastoma treatment has been highlighted in industry-related platforms. Its foundational AI-driven drug discovery platform, developed at the University of Lisbon’s Instituto de Medicina Molecular (iMM), positions it as a notable player in targeted CNS cancer therapies.

Podcasts and Interviews
No publicly disclosed podcasts or interviews featuring TargTex’s team were identified in the search results. However, its collaborations with legal firms like SRS Advogados for IP management and clinical trial structuring suggest engagement with industry-specific discussions.

Conference Participation and Event Involvement
Though no direct mentions of conferences attended by TargTex were found, its focus on hydrogel-based therapies aligns with events like Oxford Global’s Discovery & Development Europe, which emphasizes biotech networking and innovation showcases. The company’s absence from listed Horizon 2020 projects suggests it may prioritize non-EU-funded events or private partnerships.

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Sources

• TargTex Official Website
• ZoomInfo Company Profile
• Top Ranked Legal Collaboration Details
• Oxford Global Conference Highlights