1 The EIC Accelerator Project

EIC Accelerator Program Overview

The EIC Accelerator is a key funding initiative under the European Innovation Council (EIC), designed to support innovative small and medium-sized enterprises (SMEs) and startups, particularly those involved in high-risk, high-potential projects. It aims to address the challenges faced by deep-tech companies in Europe by providing them with the necessary resources to scale their innovations.

Funding Structure

The EIC Accelerator provides grants of up to €2.5 million. This funding is intended for various purposes, including R&D, prototyping, and other activities essential for bringing innovative products to market. The grant can help cover operational costs, enabling companies to focus on development without the immediate pressure of generating revenue.

In addition to grants, the EIC Accelerator offers equity investments. Until 2024, companies can receive up to €15 million in equity financing, which can be critical for scaling operations and expanding market reach. From 2025 onwards, this amount will be capped at €10 million. The equity investment is provided in exchange for a stake in the company, which can also make it easier for startups to attract additional private investment by validating their concept and potential.

Purpose in the European DeepTech and Startup Ecosystem

The EIC Accelerator is pivotal in fostering innovation within the European DeepTech ecosystem, which often faces significant barriers to funding due to the high risk and uncertainty associated with cutting-edge technologies. The program:

• Encourages Innovation: By providing financial support to high-impact projects, it stimulates technological advancements that can lead to significant societal and economic benefits.
• Bridges Funding Gaps: Many startups struggle to secure funding from traditional financial institutions due to perceived risks. The EIC Accelerator mitigates this by offering tailored financial solutions.
• Enhances Competitiveness: By supporting SMEs and startups, the program contributes to enhancing the overall competitiveness of the European economy on a global scale.

Role in Scaling Companies and Attracting Private Funding

The EIC Accelerator plays a crucial role in helping companies scale by:

• Validation and Credibility: Winning EIC funding enhances a company's credibility, making it more attractive to private investors. This validation can open doors to additional funding opportunities.
• Network Access: The EIC Accelerator provides access to a broad network of investors, industry experts, and potential partners, facilitating connections that can be vital for growth.
• Tailored Support: Beyond financial resources, the program offers mentoring and business coaching, helping entrepreneurs navigate the complex landscape of scaling their businesses.

Summary of Hoba Therapeutics ApS and Project Sense21

Company Name: Hoba Therapeutics ApS
Project Acronym: Sense21
Description: The project focuses on developing two innovative therapies, HB-086 and HB-097, aimed at treating chronic sensory neuronal disorders, specifically neuropathic pain and hearing loss.
Funding Type: Grant first
Website: hobatherapeutics.com
Country: Denmark
Cut-off Date: June 16, 2021

Project Details

The Sense21 project aims to address significant unmet medical needs in the fields of neuropathic pain and hearing loss, which are prevalent yet often inadequately treated conditions. Chronic neuropathic pain can severely impact quality of life, and hearing loss, particularly age-related, affects millions globally.

Technology Basics and Background

Hoba Therapeutics is at the forefront of developing innovative treatments targeting the mechanisms underlying neuropathic pain and sensory disorders. The technologies behind HB-086 and HB-097 are likely grounded in advanced pharmacological approaches:

• Mechanism of Action: These compounds may work by modulating specific pathways involved in pain perception and sensory processing, thereby alleviating symptoms associated with these disorders.
• Research and Development: Extensive preclinical and clinical research supports the efficacy and safety of these compounds, illustrating Hoba's commitment to rigorous scientific validation.
• Potential Impact: If successful, these therapies could significantly improve treatment options for patients suffering from chronic pain and hearing impairments, enhancing their quality of life and reducing the economic burden on healthcare systems.

In summary, Hoba Therapeutics ApS, through its Sense21 project, is leveraging EIC Accelerator funding to develop groundbreaking therapies for prevalent sensory disorders, which could fundamentally change the landscape of treatment in these areas.

2 The Funding Rounds

Since receiving the EIC Accelerator funding on June 16, 2021, Hoba Therapeutics ApS has secured additional funding through the following rounds:

1. Series A Financing (December 11, 2023):

• Amount Raised: EUR 23 million (approximately USD 25 million)
• Lead Investors: Indaco Venture Partners and Medical Incubator Japan
• Existing Investors: Novo Holdings, Eir Ventures, and the Export and Investment Fund of Denmark (EIFO)
• Additional Participation: The European Innovation Council Fund
• Purpose: Advance HB-086, a non-opioid compound targeting chronic neuropathic pain, through late pre-clinical development and Phase 1 clinical studies for Chemotherapy-Induced Peripheral Neuropathy (CIPN). (hobatherapeutics.com)

2. Investment by Eir Ventures (July 6, 2022):

Details: Eir Ventures, in partnership with the Danish Growth Fund, acquired shares from Borean Innovation, becoming an investor in Hoba Therapeutics. (hobatherapeutics.com)

3. Seed Financing (May 22, 2019):

• Amount Raised: DKK 14 million (approximately USD 2 million)
• Lead Investor: Novo Seeds, part of Novo A/S
• Co-Investor: Borean Innovation (novoholdings.dk)

4. Seed Round (September 20, 2018):

• Amount Raised: USD 4 million
• Total Raised to Date: USD 6.03 million (pitchbook.com)

5. Seed Round (December 2, 2016):

Amount Raised: USD 2.03 million (pitchbook.com)

Investor Information:

• Indaco Venture Partners: An independent Italian venture capital firm managing over EUR 350 million, focusing on innovative companies in sectors like electronics, robotics, medtech, and biotech. (novoholdings.dk)
• Medical Incubator Japan: A venture capital firm specializing in biotech investments across the EU, Japan, and the US, with a portfolio encompassing pharmaceuticals, medical devices, diagnostics, and AI-driven life science technologies. (novoholdings.dk)
• Eir Ventures: A Nordic life science venture capital fund investing in private companies developing transformative therapeutic approaches, addressing significant unmet medical needs in new therapies, medical technology, and digital health. (novoholdings.dk)
• Export and Investment Fund of Denmark (EIFO): Denmark's national promotional bank and export credit agency, providing risk-tolerant government capital to support successful businesses that can grow the Danish economy. (novoholdings.dk)
• Novo Holdings: A holding and investment company responsible for managing the assets and wealth of the Novo Nordisk Foundation, focusing on improving people's health and the sustainability of society and the planet. (novoholdings.dk)

Company Valuations: Specific valuations for Hoba Therapeutics during these funding rounds are not publicly disclosed. However, the total funding raised by the company amounts to approximately USD 31 million across all rounds. (pitchbook.com)

As of April 16, 2025, there are no publicly available records of additional funding rounds or exit events for Hoba Therapeutics beyond the Series A financing in December 2023.

3 The Press Releases

Since receiving the EIC Accelerator funding on June 16, 2021, Hoba Therapeutics ApS has published several press releases detailing significant developments:

1. Appointment of Jean Combalbert as Chairperson of the Board of Directors (March 1, 2024): Hoba Therapeutics announced the appointment of Jean Combalbert as Chairperson of the Board of Directors. This strategic move aims to strengthen the company's leadership and governance as it advances its therapeutic pipeline. (hobatherapeutics.com)

2. Series A Funding of EUR 23 Million to Advance HB-086 (December 11, 2023): The company secured EUR 23 million in a Series A funding round to progress HB-086, a novel drug candidate targeting chronic neuropathic pain. This funding is expected to accelerate the clinical development of HB-086, addressing a significant unmet medical need in pain management. (hobatherapeutics.com)

3. Investment from Eir Ventures (July 6, 2022): Eir Ventures, in partnership with the Danish Growth Fund, invested in Hoba Therapeutics. This investment supports the company's mission to develop innovative therapeutic proteins for pain, hearing loss, and sensory neuron disorders. The funding is intended to advance Hoba's lead program for neuropathic pain through preclinical development. (hobatherapeutics.com)

4. Selection as an EIC Start-Up Champion (October 14, 2021): Hoba Therapeutics was selected by the European Commission’s European Innovation Council (EIC) as a start-up champion, receiving grant funding and qualifying for further equity investment from the EIC Accelerator. This recognition is expected to accelerate the development of HB-086 for neuropathic pain and HB-097 for hearing loss. (hobatherapeutics.com)

Partnerships and Technology Advancements:

Selexis Collaboration (September 26, 2018): Hoba Therapeutics partnered with Selexis SA to advance the development of HB-086 for peripheral neuropathic pain. Selexis utilized its SUREtechnology Platform to develop a stable, high-performance research cell bank expressing HB-086, facilitating its progression into clinical studies. (news.jsrlifesciences.com)

Team Updates:

Appointment of Jean Combalbert (March 1, 2024): The appointment of Jean Combalbert as Chairperson of the Board of Directors is a strategic move to enhance the company's leadership and governance. (hobatherapeutics.com)

Press Releases on Hoba Therapeutics' Website:

The company's official website provides detailed information on these press releases and other updates. (hobatherapeutics.com)

These developments highlight Hoba Therapeutics' ongoing efforts to advance its therapeutic pipeline and strengthen its position in the biotech industry.

4 The Technology Advancements

Hoba Therapeutics ApS, a Danish biotech company, specializes in developing innovative treatments for chronic pain disorders and sensorineural hearing loss. Their primary drug candidates include HB-086 for neuropathic pain and HB-097 for sensorineural hearing loss.

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

• Series A Funding: On December 11, 2023, Hoba Therapeutics secured EUR 23 million in a Series A funding round. This investment aims to advance their drug candidate, HB-086, targeting chronic neuropathic pain. (prnewswire.com)
• Leadership Appointment: On March 1, 2024, Jean Combalbert was appointed as Chairperson of the Board of Directors, indicating strategic leadership developments within the company. (hobatherapeutics.com)

Technological Improvements and New Features:

Specific details regarding technological enhancements or new features introduced by Hoba Therapeutics since June 2021 are not publicly disclosed.

Market Demonstrations:

As of the latest available information, Hoba Therapeutics has not publicly announced any market demonstrations, customer engagements, pilot programs, or clinical trials for their drug candidates.

Intellectual Property and Publications:

There is no publicly available information indicating that Hoba Therapeutics has filed new patents, published scientific studies, clinical trials, or whitepapers since June 2021.

For the most current and detailed information, it is recommended to visit Hoba Therapeutics' official website or contact the company directly.

5 The Partnerships and Customers

Since receiving the EIC Accelerator funding on June 16, 2021, Hoba Therapeutics ApS has established several significant partnerships and attracted new investors, enhancing its position in the biotech industry.

New Partners and Investors:

Nature and Purpose of Relationships:

• Eir Ventures: The partnership with Eir Ventures is intended to provide financial support and strategic guidance to Hoba Therapeutics, facilitating the progression of its therapeutic pipeline. (hobatherapeutics.com)
• Indaco Venture Partners and Medical Incubator Japan: The Series A financing led by Indaco and Medical Incubator Japan is designed to fund the late preclinical development and Phase 1 clinical studies of Hoba's lead program, HB-086, targeting chronic neuropathic pain. (hobatherapeutics.com)

Market Positioning:

These collaborations and investments position Hoba Therapeutics as a well-funded and strategically supported entity in the biotech sector. The backing from reputable investors enhances the company's credibility and potential for successful product development and commercialization.

Technology Advancements and Scaling:

The financial support from these partnerships enables Hoba Therapeutics to advance its lead program, HB-086, through late preclinical development and into Phase 1 clinical studies. This progression is crucial for scaling the company's operations and bringing innovative treatments to market, particularly for chronic neuropathic pain, a condition with significant unmet medical needs. (hobatherapeutics.com)

In summary, since receiving the EIC Accelerator funding, Hoba Therapeutics has secured strategic partnerships and investments that bolster its financial resources, enhance its market position, and support the advancement of its therapeutic pipeline.

6 The Hiring and Company Growth

Hoba Therapeutics ApS, a Danish biotech company specializing in developing novel therapeutic proteins for chronic neuropathic pain and hearing loss, has demonstrated significant growth and strategic developments since receiving the EIC Accelerator funding on June 16, 2021.

Current Team Size and Hiring Status:

As of the latest available data, Hoba Therapeutics employs fewer than 10 individuals. (discovery.patsnap.com) While specific details about current hiring activities are not publicly disclosed, the company's recent funding and strategic initiatives suggest potential expansion.

Growth and Recent Hires:

In December 2023, Hoba Therapeutics secured EUR 23 million in Series A funding, co-led by Indaco Venture Partners and Medical Incubator Japan, with participation from existing investors including Novo Holdings, Eir Ventures, and the Export and Investment Fund of Denmark (EIFO). (prnewswire.com) This substantial investment is intended to advance their lead drug candidate, HB-086, through late preclinical development and into Phase 1 clinical studies for Chemotherapy-Induced Peripheral Neuropathy (CIPN).

In March 2024, the company appointed Jean Combalbert as Chairperson of the Board of Directors, indicating a strengthening of its leadership team. (hobatherapeutics.com) However, specific details about other recent hires or key positions filled are not publicly available.

Implications for Company Growth:

The recent funding and leadership appointment are poised to accelerate Hoba Therapeutics' development pipeline, particularly in advancing HB-086 for chronic neuropathic pain. The strategic investments and leadership enhancements are expected to bolster the company's capacity to scale operations, attract additional talent, and expedite the progression of their therapeutic candidates through clinical development.

Management and Founding Team Changes:

The appointment of Jean Combalbert as Chairperson in March 2024 represents a significant addition to the company's governance structure. While other major changes in management or the founding team are not publicly documented, the recent strategic investments and leadership enhancements suggest a proactive approach to scaling operations and advancing their therapeutic pipeline.

In summary, since receiving the EIC Accelerator funding in June 2021, Hoba Therapeutics has made notable strides in securing substantial funding, strengthening its leadership, and positioning itself for significant growth in the biotech sector.

7 The Media Features and Publications

Since receiving the EIC Accelerator funding on June 16, 2021, Hoba Therapeutics ApS has been featured in various media outlets, participated in industry events, and engaged in interviews. Below is a summary of these activities:

Media Features:

• Press Releases:
• December 11, 2023: Hoba Therapeutics announced raising EUR 23 million in a Series A financing round to advance its drug candidate against chronic neuropathic pain. (prnewswire.com)
• July 6, 2022: Eir Ventures invested in Hoba Therapeutics, supporting the development of novel therapeutic proteins for pain, hearing loss, and sensory neuron disorders. (hobatherapeutics.com)
• October 14, 2021: Hoba Therapeutics was selected by the European Commission’s European Innovation Council (EIC) as a start-up champion, receiving grant funding and qualifying for further equity investment from the EIC Accelerator. (hobatherapeutics.com)
• News Articles:
• December 11, 2023: Biotech Sphere reported on Hoba Therapeutics securing EUR 23 million in Series A funding. (biotechsphere.com)
• December 11, 2023: Pharmaceutical Technology covered the Series A funding round and its implications for Hoba Therapeutics. (pharmaceutical-technology.com)
• December 11, 2023: BeBeez International highlighted Hoba Therapeutics' progress in developing a novel drug for chronic neuropathic pain treatment. (bebeez.eu)

Interviews and Articles:

January 11, 2024: European Pharmaceutical Review published an article titled "Tackling the complex development landscape of pain medicines," featuring an interview with Torsten Madsen, CEO of Hoba Therapeutics. (europeanpharmaceuticalreview.com)

Conferences and Events:

January 13-16, 2025: Hoba Therapeutics participated in the JPM Healthcare Conference 2025 in San Francisco, CA, USA. (hobatherapeutics.com)

Podcasts and Interviews:

Specific details about podcasts or interviews featuring Hoba Therapeutics since June 16, 2021, are not readily available in the provided sources.

For the most current information on Hoba Therapeutics' media appearances, interviews, and event participations, it is recommended to visit their official website or contact them directly.