1 The EIC Accelerator Project

EIC Accelerator Program Overview

The EIC Accelerator is a prominent funding initiative under the European Innovation Council (EIC), designed to support small and medium-sized enterprises (SMEs) and startups in Europe, particularly those engaged in innovative projects with high growth potential. This program focuses on deep-tech and breakthrough innovations that can address significant societal challenges and contribute to the EU's economic growth.

Funding Structure

The EIC Accelerator offers a combination of grant funding and equity investment:

Companies can receive up to €2.5 million in grant funding. This financial support is intended to cover the costs associated with developing and scaling an innovative project, including prototyping, testing, and market entry strategies.

The program provides additional equity funding of up to €15 million for projects until the end of 2024. From 2025 onwards, this amount will be capped at €10 million. This equity financing is aimed at helping companies secure the necessary capital to accelerate their growth and expand their market reach.

Purpose of the EIC Accelerator

The EIC Accelerator aims to bolster the European DeepTech and startup ecosystem by:

• Fostering Innovation: It encourages groundbreaking technological advancements that can lead to significant improvements in various sectors, particularly healthcare, sustainability, and digital technology.
• Supporting Market Entry: By providing financial resources, the program helps innovators bring their products to market more effectively, reducing the time and costs associated with commercialization.
• Building Ecosystem: The EIC Accelerator plays a crucial role in creating a supportive ecosystem for startups, connecting them with investors, mentors, and other stakeholders who can facilitate their growth.

Role in Scaling and Funding

The EIC Accelerator is pivotal in helping companies scale by:

• Providing Initial Funding: The combination of grants and equity allows companies to cover development costs without falling into significant debt or giving up substantial equity early on.
• Enhancing Credibility: Winning an EIC Accelerator grant or investment can enhance a company’s credibility, making it more attractive to private investors and venture capitalists.
• Facilitating Connections: The program often includes networking opportunities, giving companies access to potential partners and investors, which is critical for scaling operations.

Summary of EIC Accelerator Winner: GLYCANOSTICS SRO

Company Overview:

• Name: GLYCANOSTICS SRO
• Country: Slovakia
• Website: glycanostics.com/about-glycanostics
• Project Acronym: ProSCAN
• Funding Type: Grant first
• Cut-off Date for Proposal Submission: June 16, 2021

Project Description: ProSCAN

GLYCANOSTICS SRO's project, ProSCAN, focuses on developing a non-invasive diagnostic test for prostate cancer. This innovative solution leverages glycan-based scanning technology to identify biomarkers associated with prostate cancer, providing a promising alternative to traditional invasive diagnostic procedures.

Technology Basics and Background

Understanding Glycan-Based Diagnostics

Glycans are complex carbohydrates that play a crucial role in various biological processes, including cell signaling and immune response. In the context of cancer diagnostics, changes in glycan structures often correlate with the presence of tumors. The ProSCAN project utilizes these glycan alterations to create a diagnostic tool that can detect prostate cancer without the need for invasive biopsies.

Key Features of ProSCAN Technology:

ProSCAN aims to analyze glycan patterns from urine samples, which can help in early detection of prostate cancer, thus reducing patient discomfort and risk associated with invasive procedures.

By focusing on glycan signatures that are unique to cancerous cells, the test promises higher specificity and sensitivity compared to conventional methods.

Early detection of prostate cancer is critical for successful treatment outcomes. ProSCAN's non-invasive approach could facilitate routine screening and timely intervention.

With prostate cancer being one of the most common cancers among men, the ProSCAN project addresses a significant need in the healthcare market, potentially improving patient outcomes and optimizing healthcare resources.

In conclusion, the EIC Accelerator program serves as a vital catalyst for innovative companies like GLYCANOSTICS SRO, enabling them to develop groundbreaking technologies such as ProSCAN that can transform healthcare diagnostics and improve patient quality of life.

2 The Funding Rounds

Since receiving the EIC Accelerator funding on June 16, 2021, Glycanostics SRO, a Slovakian biotech company specializing in non-invasive cancer diagnostics, has secured additional funding through various rounds:

1. Grant Funding:

October 2021: Glycanostics received a grant of $110,000. (pitchbook.com)

2. Equity Crowdfunding:

June 1, 2022: The company raised $1 million through an equity crowdfunding round. (pitchbook.com)

3. Seed Round:

October 7, 2020: Glycanostics completed a seed funding round, though specific details regarding the amount and investors are not publicly disclosed. (pitchbook.com)

Investor Information: Glycanostics has attracted investment from several entities: - European Innovation Council Fund: A venture capital firm.

• CB Investment Management: A growth and expansion investor.
• Slovak Investment Holding: A growth and expansion investor.
• Nadaciaeset: A government entity.
• European Commission: A government body. (pitchbook.com)

Company Valuations: Specific valuations for Glycanostics during these funding rounds are not publicly disclosed. The available information does not provide detailed valuation figures for the company.

In summary, since June 16, 2021, Glycanostics SRO has secured a total of approximately $1.11 million in funding through grants and equity crowdfunding. The company has attracted investments from both private and government entities, though specific valuation details remain undisclosed.

3 The Press Releases

Since receiving the EIC Accelerator funding on June 16, 2021, Glycanostics s.r.o. has published several press releases detailing their advancements and initiatives. Below is a summary of these releases:

1. €2.5 Million Funding for Cancer Screening Technology (June 2023): Glycanostics secured €2.5 million in funding to advance their serological glycan-based biomarkers for screening breast, lung, and pancreatic cancers. This project aims to clinically validate biomarkers for these cancers, providing early detection methods that imaging techniques may miss. The technology offers quantitative and qualitative information, is affordable, minimally invasive, and compatible with automated machines. (glycanostics.com)

2. Selection for the EIC Scaling Club (October 2024): Glycanostics was selected as one of the 120 most promising deep tech companies in the European Union to join the prestigious European Innovation Council (EIC) Scaling Club. This recognition highlights the company's innovative approach to early-stage cancer diagnostics. (glycanostics.com)

3. Grant from the Recovery and Resilience Plan (July 2024): The company received a €3 million grant from Slovakia's Recovery and Resilience Plan. This funding is intended for the development of diagnostic tests, further supporting Glycanostics' mission to enhance early cancer detection. (glycanostics.com)

4. Participation in Press Conferences and Media Discussions (June 2024): Glycanostics actively engaged in public discussions about cancer diagnostics. They spoke at a press conference addressing prostate cancer diagnosis, costs, and treatment, highlighting the growing burden of prostate cancer on healthcare systems. Additionally, they participated in a discussion on Slovak television TA3 about the costs of cancer treatment, emphasizing the importance of early detection and cost-effective diagnostic methods. (glycanostics.com)

5. Recognition in Innovate Slovakia's 2024 Startup List (June 2024): Innovate Slovakia included Glycanostics in their list of the most promising and innovative startups to watch in 2024. This acknowledgment underscores the company's impact and potential in the field of cancer diagnostics. (glycanostics.com)

6. Team Expansion with Head of Regulatory and Clinical Affairs (April 2024): Glycanostics welcomed Zuzana Batova as the Head of Regulatory and Clinical Affairs. With several years of experience in the pharmaceutical industry, she is expected to strengthen the company's regulatory and clinical operations. (glycanostics.com)

7. Participation in "Run for Healthy Breasts" Event (May 2024): The Glycanostics team participated in the "Run for Healthy Breasts" event, aimed at supporting the fight against breast cancer and emphasizing the importance of early detection. This involvement reflects the company's commitment to community engagement and cancer awareness. (glycanostics.com)

These press releases highlight Glycanostics' ongoing efforts in advancing cancer diagnostics through innovative technology, strategic partnerships, and active community involvement.

4 The Technology Advancements

Glycanostics s.r.o., established in 2017, is a Slovak biotechnology company specializing in early-stage, highly accurate cancer diagnostics. Their innovative approach focuses on detecting glycan changes in glycoproteins, enabling non-invasive and precise identification of various cancers. (glycanostics.com)

Advancements Since EIC Accelerator Funding (June 16, 2021):

Since receiving the EIC Accelerator grant in June 2021, Glycanostics has achieved several significant milestones:

• Technological Improvements and New Features:
• The company has developed a diagnostic test for prostate cancer, utilizing magnetic beads-based ELISA to detect glycan changes. (glycanostics.com)
• They have expanded their diagnostic capabilities to include tests for breast, pancreatic, and lung cancers, advancing these into clinical validation stages. (crowdberry.eu)
• Market Demonstrations:
• Glycanostics has provided the Giasay® Prostate diagnostic test to several urological outpatient clinics in Slovakia, demonstrating its practical application in clinical settings. (crowdberry.eu)
• In June 2023, the company participated in the ENRICH in the USA program, initiating a virtual and later physical presence in the U.S. market to introduce their cancer diagnostics. (glycanostics.com)
• Intellectual Property and Publications:
• The company holds a patent titled "Means and methods for glycoprofiling of a protein," covering the core principles of their diagnostic assay development. (glycanostics.com)
• Glycanostics has been featured in various publications, highlighting their innovative approach to cancer diagnostics and the impact of European Research Council grants on their commercialization efforts. (glycanostics.com)

These developments underscore Glycanostics' commitment to advancing cancer diagnostics through innovative technology and strategic partnerships, positioning them as a significant player in the field of early cancer detection.

5 The Partnerships and Customers

Since receiving the EIC Accelerator funding on June 16, 2021, Glycanostics s.r.o. has achieved several significant milestones:

New Partnerships:

• ENRICH in the USA Program (June 2023): Glycanostics was one of the three winners of the ENRICH in the USA funding summit – Slovakia day. This program facilitated their entry into the U.S. market, with a soft landing program starting in Boston in June 2023. (glycanostics.com)
• Accace Life Accelerator (2022): As a winner in the Best Social Impact Startup category at the Central European Startup Awards, Glycanostics became part of the Accace Life Accelerator. This program concluded with an investor pitch event, where Glycanostics secured the main prize. (glycanostics.com)

New Customers:

Specific details about new customers acquired since June 2021 are not publicly disclosed.

Nature and Purpose of New Relationships:

• ENRICH in the USA Program: This partnership aims to support Glycanostics' expansion into the U.S. market, providing resources and connections to introduce their innovative cancer diagnostics to a broader audience.
• Accace Life Accelerator: Participation in this accelerator program offers Glycanostics mentorship, networking opportunities, and potential funding, enhancing their growth prospects and market presence.

Market Positioning:

These collaborations position Glycanostics as an emerging player in the global cancer diagnostics market, particularly in the U.S. and Central European regions. Winning the Accace Life Accelerator and ENRICH in the USA programs underscores their innovative approach and potential for significant impact in healthcare.

Technology Advancements and Scaling:

The ENRICH in the USA program provides Glycanostics with access to advanced resources and networks in the U.S., facilitating the scaling of their diagnostic technologies. The Accace Life Accelerator offers mentorship and potential funding, supporting further technological development and market expansion.

These strategic partnerships and recognitions are instrumental in advancing Glycanostics' mission to revolutionize early-stage cancer diagnostics.

6 The Hiring and Company Growth

Since receiving the EIC Accelerator grant on June 16, 2021, Glycanostics s.r.o. has demonstrated significant growth and strategic development. The company has expanded its team by hiring key professionals to strengthen its leadership and operational capabilities.

Key Hires:

• Zuzana Baťová – Chief Regulatory Officer: Responsible for obtaining CE certification, coordinating clinical studies, and ensuring regulatory compliance. (crowdberry.eu)
• Silvia Lacková – Chief Quality Officer: Oversees quality management, manufacturing processes, and compliance with ISO 13485 standards, which are required for CE marking. (crowdberry.eu)
• Radoslav Mráz – Chief Commercial Officer: Leads the commercialization of tests in Slovakia and develops strategies for international market entry, particularly in the DACH region. (crowdberry.eu)
• Juraj Žigo – Chief Finance Officer: Manages financial operations, cash flow, and grant administration, which are key for the company’s further growth. (crowdberry.eu)

These strategic hires are expected to enhance Glycanostics' ability to navigate regulatory landscapes, ensure product quality, and effectively commercialize its diagnostic tests, thereby facilitating its expansion into international markets.

Regarding the company's current headcount and overall team size, specific numbers are not publicly disclosed. However, the recent additions to the leadership team indicate a focused effort on scaling operations and preparing for broader market engagement.

While the company has not publicly announced current hiring initiatives, the expansion of its leadership team suggests a proactive approach to scaling operations and preparing for broader market engagement.

In summary, Glycanostics has utilized the EIC Accelerator funding to bolster its leadership team with experienced professionals, positioning itself for significant growth and international expansion in the field of early cancer diagnostics.

7 The Media Features and Publications

Since receiving EIC Accelerator funding on June 16, 2021, Glycanostics s.r.o. has been featured in various media outlets and participated in several events. Here's a summary of their activities:

Media Features:

• June 2024: Glycanostics was featured in an interview with the daily newspaper SME, discussing the importance of early cancer diagnosis. (glycanostics.com)
• June 2024: The company appeared on Slovak television TA3 to discuss prostate cancer, its costs, and treatment options. (glycanostics.com)
• June 2024: Glycanostics was included in Innovate Slovakia's list of the most promising and innovative startups to watch in 2024. (glycanostics.com)
• May 2024: The team participated in the "Run for Healthy Breasts" event, supporting the fight against breast cancer and emphasizing the importance of early detection. (glycanostics.com)

Publications:

• June 2024: An interview with Glycanostics was published in the daily newspaper SME, focusing on early cancer diagnosis. (glycanostics.com)
• June 2024: The company was featured on Slovak television TA3, discussing prostate cancer diagnosis, costs, and treatment. (glycanostics.com)
• June 2024: Glycanostics was highlighted in Innovate Slovakia's list of innovative startups to watch in 2024. (glycanostics.com)

Podcasts and Interviews:

June 2024: Glycanostics participated in a discussion on Slovak television TA3 about prostate cancer, its costs, and treatment options. (glycanostics.com)

Conferences and Events:

• May 2024: The team took part in the "Run for Healthy Breasts" event, supporting breast cancer awareness and early detection. (glycanostics.com)
• June 2024: Glycanostics was included in Innovate Slovakia's list of innovative startups to watch in 2024. (glycanostics.com)

Involvement in Events:

June 2024: The company was featured in Innovate Slovakia's list of innovative startups to watch in 2024. (glycanostics.com)

These activities highlight Glycanostics' ongoing efforts to raise awareness about early cancer detection and their active participation in relevant events and media discussions.