1 The EIC Accelerator Project

EIC Accelerator Program Overview

The European Innovation Council (EIC) Accelerator program is an initiative under the broader umbrella of the EIC, designed to support small and medium-sized enterprises (SMEs) and startups in Europe, particularly those operating in the deep tech sector. The program aims to bridge the funding gap that often exists in the early stages of innovation, facilitating the development and scaling of groundbreaking technologies and solutions.

The EIC Accelerator provides financial support through two primary funding mechanisms: grants and equity. The grant component can reach up to €2.5 million to assist with project costs in the development phase, while the equity component can provide up to €15 million until 2024 and €10 million thereafter. This combination of funding options is tailored to help startups refine their innovations and prepare for market entry, ensuring they have the necessary resources to scale operations effectively.

Purpose and Role in the Ecosystem

The EIC Accelerator plays a crucial role in the European deep tech and startup ecosystem by empowering innovative companies to bring transformative technologies to market. It aims to identify and support high-potential projects that address significant societal challenges, thereby fostering job creation, economic growth, and technological advancement across the continent.

By providing a blend of grant funding and equity investment, the EIC Accelerator enables startups to leverage their innovations while mitigating financial risks. The program also serves as a catalyst for attracting additional funding from private investors, as successful participation in the EIC Accelerator can enhance a company's credibility and visibility in the competitive market.

ELGAN Pharma and Project ELGN-GI

ELGAN Pharma is a notable winner of the EIC Accelerator, having successfully secured funding for its innovative project, ELGN-GI. The proposal was submitted on June 15, 2022, during the Step 2 phase, and subsequently won approval in the Step 3 interview process. ELGAN Pharma, based in Israel, focuses on developing first-in-class therapies tailored for specific medical conditions.

Project Description: ELGN-GI

The ELGN-GI project addresses a critical health issue: intestinal malabsorption in premature newborns. This condition can lead to severe nutritional deficiencies and long-term developmental challenges, making it essential to find effective treatments. The ELGN-GI project aims to introduce a novel therapy designed specifically to improve nutrient absorption in this vulnerable population, thereby significantly enhancing their quality of life and health outcomes.

Technology Basics and Background

The technology underpinning the ELGN-GI project is rooted in advanced biopharmaceutical research. It leverages a combination of innovative drug formulation techniques and targeted delivery systems designed to optimize nutrient absorption at the intestinal level. The therapy is expected to work by enhancing the functionality of the intestinal mucosa, thereby addressing the underlying causes of malabsorption.

Research indicates that premature newborns often face developmental challenges due to underdeveloped intestines, which can hinder their ability to absorb essential nutrients. The ELGN-GI therapy aims to provide a solution to this pressing medical issue through a carefully formulated approach that considers the unique physiological characteristics of neonates.

The development of this therapy not only holds promise for improving the immediate health of premature infants but also has the potential to reduce healthcare costs associated with long-term complications arising from malabsorption. As such, the project aligns with broader healthcare objectives aimed at enhancing pediatric care and ensuring better developmental outcomes for vulnerable populations.

In conclusion, the EIC Accelerator program stands as a vital component of the European innovation landscape, offering essential support to startups like ELGAN Pharma. By facilitating the development of innovative solutions like the ELGN-GI project, the program contributes significantly to advancing healthcare and improving the lives of those affected by critical medical conditions.

2 The Funding Rounds

# ELGAN Pharma: Funding Journey Since EIC Accelerator Grant

ELGAN Pharma is an Israeli clinical-stage biotechnology company focused on developing treatments for neonatal conditions, particularly for premature infants. The company has secured significant funding through various rounds, including the prestigious EIC Accelerator program, to advance its innovative medical solutions.

Funding Overview

ELGAN Pharma has raised a total of approximately $7.5 million across three funding rounds. The company has demonstrated success in securing both equity and non-equity financing to support its clinical development programs for neonatal treatments.

EIC Accelerator Funding

ELGAN Pharma was selected as a recipient of the EIC Accelerator funding on June 15, 2022. This initial grant marked a significant milestone for the company, providing essential capital to advance its research and development activities in neonatal medicine. The EIC Accelerator is known for its highly competitive selection process, supporting innovative startups and SMEs across Europe and associated countries.

Following this initial grant, ELGAN Pharma secured an additional €2.36 million ($2.5 million) EIC grant on July 19, 2023. This funding was specifically allocated to support the Phase III registrational study of ELGN-GI, the company's innovative oral formulation designed to treat intestinal malabsorption in preterm infants.

Funding Rounds Timeline

Date	Round Type	Amount	Investor
June 15, 2022	Initial EIC Grant	Undisclosed	European Innovation Council
July 19, 2023	Grant - II	$2.5 million	European Innovation Council
Prior rounds	Various	Remainder of $7.5M total	Various investors

The company's funding history demonstrates consistent support from investors, with the European Innovation Council being a key funding partner through multiple grant rounds.

Investor Information

The European Innovation Council (EIC) stands as ELGAN Pharma's primary identified investor, having participated in at least two funding rounds. The EIC, based in Belgium, operates as a government funding entity that provides financial support to innovative startups and SMEs across Europe and associated countries. Their repeated investment in ELGAN Pharma reflects confidence in the company's technology and market potential.

While the EIC is the most prominently mentioned investor, ELGAN Pharma has reportedly secured funding from a total of two distinct investors across its three funding rounds. However, detailed information about other investors is not publicly disclosed in the available data.

Company Focus and Development

ELGAN Pharma specializes in treatments for critical conditions affecting newborns, with a particular focus on premature infants. The company's leading programs include:

The $2.5 million grant awarded in July 2023 was specifically designated to support the Phase III registrational study of ELGN-GI, indicating the advanced stage of this particular product in the company's development pipeline.

Valuation and Exit Events

There is no publicly available information regarding ELGAN Pharma's current valuation. The company is described as having an "Undisclosed" market capitalization, suggesting that this information is not publicly accessible.

Similarly, there is no indication of any exit events such as IPOs, acquisitions, or buyouts involving ELGAN Pharma. The company appears to remain privately held, focusing on advancing its clinical programs through the development pipeline.

Current Status and Future Outlook

As of May 2025, ELGAN Pharma continues to operate as a clinical-stage biopharmaceutical company. The company is currently conducting:

• A confirmatory Phase III trial for ELGN-GI
• A Phase II trial of ELGN-GI in special neonatal populations

The EIC grant funding has been instrumental in supporting these advanced clinical trials, particularly for the ELGN-GI program, which has shown promising efficacy data in promoting GI tract maturation in preterm infants and reducing life-threatening complications associated with prematurity.

Led by CEO Miki Olshansky, ELGAN Pharma remains committed to developing tailored therapies for premature infants, addressing critical medical needs in neonatology with the potential to significantly improve outcomes for this vulnerable patient population.

Sources: - ELGAN Pharma - Startup Nation Finder

• ELGAN Pharma Awarded $2.5 Million EU Grant
• Elgan Pharma Stock Price, Funding, Valuation

3 The Press Releases

ELGAN Pharma: Post-EIC Accelerator Funding Developments (2022 Onward)

ELGAN Pharma, an Israeli biotechnology company, secured EIC Accelerator funding in June 2022 for its project ELGN-GI, a first-in-class oral insulin therapy targeting intestinal malabsorption in premature newborns. The company received a €2.36 million grant under the EIC’s "grant-first" financing model to advance its Phase III clinical trial.

Key Developments Since Funding

• Clinical Trials:
• A multinational Phase III trial for ELGN-GI began in late 2023 across over 30 centers in Israel, Europe, the US, Australia, and New Zealand.
• A parallel Phase II trial focuses on micro-preemies (born before 26 weeks), aiming to reduce necrotizing enterocolitis mortality rates.
• Second Product Pipeline: ELGN-EYE eye drops are under development to prevent retinopathy of prematurity (ROP) using insulin-based formulations.
• EIC Collaboration: The grant supports scaling clinical operations and commercialization efforts through the EIC Fund’s equity-investment framework.

Technology and Impact

The orally administered ELGN-GI leverages insulin as a growth factor to accelerate gastrointestinal maturation in preemies. The therapy addresses a critical unmet need, with preterm complications causing ~1 million annual deaths globally by age five.

Note: No press releases or blog posts from elganpharma.com were found in available sources.

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Sources

• EIC Accelerator winners and statistics June 2022
• EIC Accelerator June 2022 winners list
• Israeli company nears final hurdle to okay insulin-based preemie therapy

4 The Technology Advancements

ELGAN Pharma's Post-EIC Accelerator Progress in Neonatal Therapeutics

Since securing a €2.36 million ($2.5 million) European Innovation Council (EIC) grant in July 2023, ELGAN Pharma has advanced its clinical pipeline and expanded trials for its lead therapies targeting complications in preterm infants. While the funding announcement occurred after the referenced June 2022 proposal win, the company’s recent milestones reflect accelerated progress following EIC support:

Clinical Trial Advancements

• Phase III Registrational Study: Initiated by late 2023 across 30+ centers in Israel, Europe, and the US to evaluate ELGN-GI, an oral insulin-based therapy for intestinal malabsorption in preterm infants. The trial aims to reduce life-threatening complications like necrotizing enterocolitis (mortality rate up to 42%) by promoting gastrointestinal tract maturation.
• Phase II Micro-Preemie Study: Launched concurrently to assess ELGN-GI’s safety and efficacy in extremely premature infants (born before 26 weeks gestation). The design minimizes blood draws, reducing procedural stress on participants.
• ELGN-EYE Development: Progressed preclinical work on insulin-based eye drops to prevent retinopathy of prematurity (leading cause of childhood blindness), though specific trial timelines remain undisclosed.

Technology & Commercialization

• Non-Invasive Formulations: Both ELGN-GI (oral) and ELGN-EYE (topical) emphasize safety and ease of administration for fragile neonates, addressing unmet needs without approved alternatives.
• Global Partnerships: Collaborations with hospitals in Australia and New Zealand indicate expanding geographic reach for clinical validation.

Intellectual Property & Publications

While no new patents or peer-reviewed studies are explicitly cited post-funding, earlier trials demonstrated ELGN-GI’s efficacy in GI tract maturation, suggesting data publication may follow Phase III results. The company has not released whitepapers but emphasizes evidence-driven development through registrational trials.

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Sources

• Elgan Pharma - Home
• Israeli Company Nears Final Hurdle
• EIC Grant Announcement

5 The Partnerships and Customers

Overview of ELGAN Pharma

ELGAN Pharma is a late-stage, neonatology-focused biotechnology company based in Nazareth, Israel. Since receiving the EIC Accelerator funding in June 2022, the company has continued to advance its clinical-stage therapies aimed at improving the outcomes and quality of life of newborns at risk.

Key Partnerships and Customers

ELGAN Pharma has not publicly disclosed specific partnerships or customers in the pharmaceutical industry outside of its work with the European Innovation Council (EIC) for funding. However, the company's focus on neonatology involves collaborations with various research centers and hospitals for clinical trials.

New Partners and Customers

At present, there is no publicly available information on new partners or customers for ELGAN Pharma. The company's recent grant from the EIC has been instrumental in supporting its Phase III registrational study for ELGN-GI, an oral formulation aimed at treating intestinal malabsorption in preterm infants.

Nature and Purpose of New Relationships

While specific details on new relationships are not available, ELGAN Pharma's involvement with the EIC and its ongoing clinical trials suggest that the company is engaged in collaborative efforts with international research teams and medical institutions. The purpose of these relationships is likely to advance its therapeutic products, such as ELGN-GI and ELGN-EYE, through extensive clinical testing and validation.

Positioning in the Market

ELGAN Pharma is positioned as a leader in neonatal care, focusing on innovative therapies for preterm infants. The EIC funding enhances its credibility and supports its mission to address high unmet medical needs in neonatology. This positioning will likely help the company gain recognition and support in the global healthcare market.

Advancements in Technology and Scaling

The company's participation in clinical trials and its research into insulin-based therapies indicate a commitment to technological advancements in neonatal care. The EIC grant supports the scaling of its clinical trials for ELGN-GI, which will be conducted at multiple centers across Israel, Europe, and the United States. This scale-up will be crucial for validating the safety and efficacy of its treatments and preparing them for broader market access.

Sources

• ELGAN Pharma - Startup Nation Finder
• ELGAN Pharma company information, funding & investors
• ELGAN Pharma Awarded $2.5 Million EU Grant to Support Phase III Registrational Study of ELGN-GI
• Israeli company nears final hurdle to okay insulin-based preemie therapy
• Elgan Pharma - Home

6 The Hiring and Company Growth

ELGAN Pharma's Team Growth and Hiring Landscape As a late-stage neonatology biotech company, ELGAN Pharma has advanced two clinical programs—ELGN-GI (Phase III) and ELGN-EYE (Phase II)—targeting critical unmet needs in preterm infant care. While specific headcount figures are not publicly disclosed, the company’s clinical progress suggests strategic team expansion to support its pipeline.

• Team Size and Growth: No explicit employee numbers are available, but as a clinical-stage firm with multiple active trials, ELGAN likely maintains a specialized team focused on R&D, regulatory affairs, and clinical operations.
• Hiring Activity: Public hiring announcements are absent from available sources. However, given their Phase III/II trial progression, recruitment for roles in medical affairs, manufacturing scalability, or commercialization strategy would align with their stage.
• Key Positions: Leadership emphasizes neonatal therapeutics expertise. Recent hires could include clinicians specializing in retinopathy of prematurity (ROP) or gastroenterology to advance ELGN-EYE and ELGN-GI.
• Scaling Impact: New team members would bolster regulatory submissions for pending approvals and prepare post-marketing strategies. This aligns with their mission to reduce complications like blindness or intestinal immaturity in preterm infants.
• Management Changes: No leadership changes are indicated in public profiles. The Startup Nation Central database lists ELGAN’s team but requires registration for detailed access, suggesting stability among core executives.

Future Trajectory
With therapies nearing commercialization potential post-trial completion, staffing growth will likely focus on global regulatory compliance and partnerships to expand neonatal care access—critical steps toward reducing healthcare burdens linked to prematurity complications.

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Sources

• Elgan Pharma - Home
• ELGAN Pharma - Startup Nation Finder
• ELGAN Pharma Team - Startup Nation Finder
• Elgan Pharma - PharmaCompass.com
• About - Elgan Pharma

7 The Media Features and Publications

ELGAN Pharma: Media Features and Public Engagement Following EIC Accelerator 2022 Win Israeli biotech company ELGAN Pharma gained significant attention after securing European Innovation Council (EIC) Accelerator funding in June 2022 for its neonatal therapy ELGN-GI. Below is a detailed overview of their public presence, media coverage, and event participation post-funding.

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Media Features & Publications

• The Times of Israel (August 29, 2023) published an in-depth article on ELGN-GI’s Phase III clinical trial plans for treating intestinal malabsorption in premature newborns. The report highlighted the €2.36 million EIC grant supporting the trial across 30+ global centers.
• OIS Israel Conference Coverage (June 15, 2021) featured CEO Miki Olshansky presenting ELGN-EYE eye drops for retinopathy of prematurity (ROP), detailing Phase I results and ongoing Phase II trials targeting up to 53,000 annual patients.

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Podcasts & Interviews

No publicly available podcasts or interviews directly linked to ELGAN Pharma’s team were identified post-June 2022 cut-off. However, CEO Miki Olshansky has presented at conferences like OIS Israel (see below).

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Conference Participation & Events

• OIS Israel Conference (2021): Olshansky showcased ELGN-EYE’s mechanism as a nano-emulsion therapy to prevent ROP-related blindness. While this predates their EIC win, it remains their most prominent public presentation.
• Post-EIC engagement specifics are not detailed in available sources, though typical accelerator involvement includes EU innovation events or sector-specific fairs unmentioned here.

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Sources Used:

• Israeli company nears final hurdle to okay insulin-based preemie therapy - The Times of Israel
• Novel Ophthalmic Innovations Took the Spotlight at OIS Israel 2021 - PIE Magazine