1 The EIC Accelerator Project

EIC Accelerator Program Overview

The EIC Accelerator program, part of the European Innovation Council (EIC), is designed to support small and medium-sized enterprises (SMEs) and startups in developing and scaling innovative projects that have the potential to create significant market impact. The program aims to foster deep-tech innovation within the European ecosystem, focusing on breakthrough technologies that address societal challenges.

Funding Structure

The EIC Accelerator offers a two-fold funding mechanism, consisting of grants and equity investments.

Purpose and Impact

The EIC Accelerator is instrumental in bridging the funding gap faced by deep-tech startups. By providing substantial financial support at critical stages of development, the program enables companies to attract additional private investments, thereby enhancing their growth potential. The program not only promotes innovation but also aims to create jobs and stimulate economic growth across Europe, particularly in high-tech sectors.

Case Study: IMMUNETHEP and the PARAGON NOVEL VACCINE Project

Company Overview

IMMUNETHEP, based in Portugal, is an innovative company focused on developing advanced therapeutic solutions to combat antimicrobial resistance (AMR). Their flagship project, PARAGON NOVEL VACCINE (PNV), aims to address one of the most pressing health challenges facing the world today.

Project Description

The PARAGON NOVEL VACCINE is designed to provide effective protection against all serotypes of five deadly bacteria that contribute significantly to the global burden of AMR. The project is crucial in the fight against infections that are resistant to existing antibiotics, which pose a severe threat to public health.

Technology Fundamentals

The underlying technology of the PARAGON NOVEL VACCINE involves the development of a multi-target vaccine platform that employs cutting-edge immunological techniques. This platform aims to elicit a robust immune response capable of targeting various bacterial serotypes, thereby providing broad-spectrum protection.

Funding Journey

IMMUNETHEP submitted its Step 2 proposal for the EIC Accelerator on June 15, 2022, and successfully progressed to the Step 3 interview stage. The company secured grant funding to support the initial phases of the PNV project, which will enable them to advance their research and move towards clinical trials. This support is expected to enhance their capacity to attract additional investments from private sectors, further catalyzing the development of their groundbreaking vaccine.

Conclusion

The EIC Accelerator program plays a vital role in nurturing the European deep-tech ecosystem by providing essential funding and support to innovative companies like IMMUNETHEP. Projects such as the PARAGON NOVEL VACCINE not only have the potential to revolutionize healthcare but also contribute to the long-term sustainability of public health systems by combating the growing threat of antimicrobial resistance.

2 The Funding Rounds

IMMUNETHEP: Financing and Funding Events Since EIC Accelerator Award (June 2022)

IMMUNETHEP, a Portuguese biotech company, has made significant strides in securing funding since being selected for the EIC Accelerator program. Below is a comprehensive overview of its financing activities, investment rounds, investor details, and any related valuation or exit information since its successful EIC Accelerator application in June 2022.

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Financing Raised & Funding Rounds

• In October 2022, IMMUNETHEP was officially awarded funding through the European Innovation Council (EIC) Accelerator program.
• The initial award consisted of a €2.5 million grant.
• The company is also eligible for additional equity investment from the EIC Fund as part of a total project investment plan valued at €17.5 million.
• Previous to this (prior to June 2022), IMMUNETHEP had closed an early funding round with Portugal Ventures via its Biocant fund; however, this predates the current period requested.

Summary Table: Recent Major Funding Round

Date	Round	Amount Raised	Investors	Notes
Oct 2022	Grant + Equity Option	€2.5M grant + eligibility for up to €15M equity from EIC Fund	European Innovation Council (EIC) / EIC Fund	Part of total planned project investment (€17.5M)

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Timing and Amounts

• October 18–19, 2022: Public announcement confirming receipt of the initial non-dilutive grant portion (€2.5 million). At that time, eligibility for further direct equity/quasi-equity investments from the EU’s dedicated EIC Fund was confirmed but not yet finalized or disclosed publicly regarding exact amounts.
• No evidence exists in public sources as of May 2025 that IMMUNETHEP has closed on any further announced rounds beyond this initial tranche—either with new investors or subsequent tranches under existing commitments.

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Investor Information

• Primary Investor:
• European Innovation Council (EIC), specifically through its Horizon Europe-backed “EIC Accelerator” program.
• Equity component managed by the EIC Fund, which can provide direct equity/quasi-equity investments up to €15 million or more per company within this framework.
• Earlier major investor before June 2022:
• Portugal Ventures funded an initial round some years earlier; no recent activity is reported post-EU award during this review period relevant to your query.

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Additional Information Related to Funding Rounds

• Use of Funds: Proceeds are earmarked primarily for advancing IMMUNETHEP's Paragon Novel Vaccine (PNV) into first-in-human clinical trials focused on safety and immunogenicity against multiple bacterial pathogens—a novel approach highlighted by WHO reports on vaccine innovation priorities related to antimicrobial resistance.
• Eligibility vs Actual Investment: While eligibility exists for significant additional EU/EIB-backed capital via direct equity purchase by the fund manager(s), confirmation of subsequent closings remains absent from public disclosures as of early May 2025.

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Company Valuations & Exit Events

Company Valuation

There are no public disclosures available regarding post-money valuation following these rounds.

Exit Events

No reported IPOs, buyouts/acquisitions involving IMMUNETHEP between June 15, 2022 and present day.

Other Relevant Financial Metrics

• According to CB Insights data last updated within two years after their major grant event:
• Total raised estimated at $3.25–$5.25 million USD across all previous grants/investments—including both prior and recent events—but without specific breakdowns linked solely to EU/EIB participation since summer/fall ‘22.

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Conclusion

Since receiving notification in mid-June and formal confirmation in October 2022 as an EIC Accelerator winner, IMMUNETHEP has raised an initial €2.5 million non-dilutive grant and stands eligible for further substantial equity financing via Europe’s flagship innovation vehicle—the EIC Fund—with potential total injections reaching up towards €17.5 million over time depending on continued project milestones. There have been no disclosed new private fundraising rounds nor exits such as IPO or acquisition during this timeframe.

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Sources:

• Portugal Ventures invests in Immunethep
• Immunethep receives EIC funding for clinical trials – Labiotech.eu
• IMMUNETHEP profile – Dealroom
• Immunethep receives funding from the EIC Accelerator – immunethep.com
• Immunethep successfully closes first round – Venture Catalysts
• Immunethep profile – CB Insights

-Press Release PDF: Immunethep receives funding from European Innovation Council

3 The Press Releases

Immunethep's Strategic Advancements Post-EIC Accelerator Funding Since securing EIC Accelerator funding in June 2022, Immunethep has accelerated its mission to combat antimicrobial resistance (AMR) through innovative immunotherapies. The Portuguese biotech firm, spun off from the University of Porto, has focused on expanding partnerships, advancing vaccine development, and leveraging its proprietary technology platform.

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Key Developments and Partnerships

• CARB-X Funding for E. coli Vaccine: In February 2025, Immunethep received funding from CARB-X to advance a conjugated peptide-based vaccine targeting invasive E. coli infections. The vaccine also demonstrates efficacy against Staphylococcus aureus and three other pathogens. A March 2025 investment of $2 million from CARB-X further supports this program.
• Collaboration with Merck & Co.: Immunethep entered a research partnership with Merck to evaluate bacterial GAPDH as a virulence factor for immunotherapies against bacterial infections. This collaboration aims to validate targets for both preventive vaccines and therapeutic monoclonal antibodies.
• i3S Strategic Alliance: Strengthened in March 2025, this partnership focuses on advancing next-generation immunotherapies through shared R&D capabilities.

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Technological Innovations

Immunethep’s core platform targets the immunosuppressive protein GAPDH released by pathogenic bacteria:

• Mechanism: Bacterial GAPDH triggers IL-10 production via TLR-2 on B cells, suppressing immune responses. Immunothep’s solutions neutralize this protein without cross-reacting with human GAPDH.
• Pipeline: Includes PNV1 (a multibacterial vaccine) and monoclonal antibodies for therapeutic use. The CARB-X-funded vaccine specifically blocks E. coli GAPDH variants linked to antibiotic resistance.

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Recent Press Releases and Updates

Immunethep’s website highlights two critical announcements in early 2025:

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Sources

PRESS RELEASE · Immunethep awarded funding from PACE | IMMUNETHEP - For a Safer Tomorrow | CARB-X funds Immunothep | Merck Collaboration | $2M Investment Announcement | GAPDH Mechanism

4 The Technology Advancements

Current Capabilities of Immunethep

Immunethep, a Portuguese biotech company, is renowned for developing innovative immunotherapies aimed at enhancing the immune system's ability to control bacterial infections. The company's primary focus is on creating broad-coverage anti-bacterial vaccines and treatments, notably the Paragon Novel Vaccine (PNV), which targets five critical bacteria: Staphylococcus aureus, Streptococcus pneumoniae, Klebsiella pneumoniae, Escherichia coli, and Streptococcus agalactiae. This multi-bacterial approach is designed to reduce the reliance on antibiotics and combat antimicrobial resistance (AMR).

Advancements Since Receiving EIC Accelerator Funding

Following the receipt of the EIC Accelerator funding in June 2022, Immunethep has made significant advancements. The funding supported the progression of the Paragon Novel Vaccine (PNV) into first-in-human clinical trials, marking it as the world's first multi-bacterial vaccine in such trials according to the 2021 WHO vaccine report. Additionally, Immunethep has been further supported by the European Innovation Council and other investors to enhance its platform technology and products.

Technology Improvements and New Features

Immunethep has continued to enhance its technology by developing a conjugated peptide-based vaccine that targets invasive Escherichia coli infections, with potential applications against other bacterial pathogens. This vaccine aims to induce robust and long-lasting immunity, addressing the urgent need for effective preventive measures against antibiotic-resistant infections.

Demonstrations and Clinical Trials

The company has progressed in moving its vaccines, particularly the PNV, towards clinical trials. This step is crucial as it involves assessing safety, immunogenicity, and early efficacy in humans. Moreover, Immunethep has received additional funding from CARB-X to develop a vaccine specifically against E. coli, further demonstrating its commitment to addressing significant public health threats.

Patents and Scientific Publications

While specific new patents or scientific studies published since June 2022 are not detailed in the available information, Immunethep has a strong IP portfolio covering the discovered mechanisms and potential applications. The company continues to develop its monoclonal antibodies, focusing on treating infections caused by Escherichia coli and Klebsiella pneumoniae, supported by recent funding from PACE.

Conclusion

Immunethep has made substantial strides in advancing its immunotherapy products, notably the Paragon Novel Vaccine and monoclonal antibody treatments, since receiving the EIC Accelerator funding. These developments underscore the company's commitment to addressing the critical issue of antimicrobial resistance through innovative vaccine and therapy technologies.

Sources: - IMMUNETHEP - For a Safer Tomorrow

• Immunethep | Goparity
• Portuguese startup develops 'revolutionary' vaccine, treatment for bacterial infections
• CARB-X to fund development of E coli vaccine
• Immunethep receives funding from the European Innovation Council for Clinical Trials
• Immunethep awarded £1M PACE funding to advance monoclonal antibodies
• U. Porto spin-off IMMUNETHEP receives investment of 2 million dollars
• CARB-X funds Immunethep to develop vaccine to prevent E. coli infections

5 The Partnerships and Customers

IMMUNETHEP: Partnerships and Advancements

IMMUNETHEP, a biotechnology company based in Cantanhede, Portugal, has been actively involved in several strategic partnerships since receiving funding from the EIC Accelerator in June 2022. This funding has positioned IMMUNETHEP to advance its innovative immunotherapies, particularly in combating antimicrobial resistance.

Established Partnerships

IMMUNETHEP has established collaborations with major pharmaceutical companies such as Merck & Co. (MSD) and Merck Animal Health, as well as with GSK and Vetoquinol. These partnerships aim to accelerate the development of products targeting both human and animal health markets.

New Relationships and Partnerships

Recently, IMMUNETHEP has strengthened its strategic collaboration with i3S (Instituto de Investigação e Inovação em Saúde), a renowned research institution in Portugal. This partnership is crucial for advancing next-generation immunotherapies, with additional support from CARB-X and PACE. The company also received investment from CARB-X, which supports the development of a vaccine against invasive E.coli infections.

New Customers

There is no specific information available on new customers. However, IMMUNETHEP's focus on developing anti-bacterial immunotherapies suggests that its products are likely aimed at healthcare providers and hospitals.

Nature and Purpose of New Relationships

These relationships are aimed at enhancing IMMUNETHEP's technological capabilities and scaling its operations. The collaboration with i3S and support from CARB-X are pivotal in advancing the company's vaccine development against E.coli, a significant cause of antibiotic-resistant infections. The partnerships with major pharmaceutical companies facilitate joint research and development, particularly in evaluating bacterial glyceraldehyde 3-phosphate dehydrogenase (GAPDH) as a virulence factor for developing immunotherapies against bacterial infections.

Positioning in the Market

IMMUNETHEP's partnerships position it as a key player in the biotechnology sector, especially in the fight against antimicrobial resistance. The company's focus on innovative immunotherapies and its collaborations with leading pharmaceutical companies enhance its credibility and market presence.

Technology Advancements and Scaling

These relationships will significantly contribute to IMMUNETHEP's technology advancements by accessing cutting-edge research facilities and expertise from its partners. The support from CARB-X not only provides financial resources but also connects IMMUNETHEP with an international network of experts, aiding in the development and scaling of its products. The partnership with i3S further strengthens its research capabilities, enabling the development of more effective treatments against bacterial infections.

Sources

• Partnerships - IMMUNETHEP
• Immunethep Announces Research Collaboration With Merck & Co
• Immunethep and i3S Strengthen Strategic Collaboration
• U. Porto spin-off IMMUNETHEP receives investment of 2 million dollars
• Immunethep Announces Research Collaboration With MSD

6 The Hiring and Company Growth

IMMUNETHEP's Team Growth and Hiring Strategy Post-2022 EIC Accelerator Funding As a Portuguese biotech spin-off from the University of Porto, IMMUNETHEP has focused on scaling its operations to advance its antibacterial immunotherapy pipeline. While specific details about hiring activities directly tied to its 2022 EIC Accelerator win are not publicly disclosed, the following insights emerge from available data:

Team Size and Growth Trajectory

• Current headcount: The company reported having 10 employees as of late 2022, with plans to double this number to support human trials for its lead product (PNV) and therapeutic candidate UNImAb.
• Growth drivers: Expansion efforts align with regulatory milestones, including clinical testing preparations and partnership development with pharmaceutical companies.

Hiring Focus Areas

While exact roles remain unspecified:

Leadership Stability

The founding team remains intact:

• Pedro Madureira (CSO): Leads scientific strategy based on his discovery of bacterial immunosuppressive molecules.
• Bruno Santos (CEO): Maintains operational focus through Venture Catalysts’ commercialization expertise.

Strategic Implications of Growth

Doubling the team would enable: ✅ Accelerated progression through clinical phases for PNV/UNImAb candidates ✅ Enhanced capacity for partnership-driven co-development projects

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Sources

• IMMUNETHEP - For a Safer Tomorrow
• Immunethep - Developing immunotherapies (P-BIO)
• Immunethep | Goparity
• IMMUNETHEP company information | Dealroom
• Immunethep | Devex
• About Us - IMMUNETHEP

7 The Media Features and Publications

Overview of Immunethep

Immunethep, a Portugal-based company, is dedicated to developing innovative anti-infective immunotherapies. The company focuses on boosting the natural ability of the immune system to control infections, particularly addressing antimicrobial resistance (AMR). Since receiving the EIC Accelerator funding in June 2022, Immunethep has made significant progress in its mission.

Mission and Focus

Immunethep's mission is to develop immunotherapies that enhance the host's immune response against bacterial infections. The company has identified a novel mechanism by which pathogenic bacteria suppress the host's immune system, involving the release of a variant of glyceraldehyde-3-phosphate dehydrogenase (bGAPDH). This discovery underpins their approach to creating effective treatments.

Media Features and Publications

Currently, there are limited media features or publications specifically highlighting Immunethep. However, their work is recognized in the context of combating antimicrobial resistance. For example, CARB-X has provided funding for Immunethep to develop a conjugated peptide-based vaccine against invasive E. coli infections, showcasing their innovative approach to addressing AMR challenges.

Content from Publications

Publications about Immunethep focus on their pioneering work in developing monoclonal antibodies targeting bGAPDH, a protein used by bacteria to evade the immune system. These antibodies have shown promise in preventing infections caused by E. coli and Klebsiella pneumoniae without promoting antimicrobial resistance.

Podcasts and Interviews

There are no specific podcasts or interviews featuring Immunethep's team in the available search results.

Conference and Fair Visits, Presentations

While specific details on Immunethep's participation in conferences or fairs are not available, the company's involvement in the broader scientific community is evident through their collaborative efforts with organizations like CARB-X and PACE.

Involvement in Events

Immunethep's engagement with global health initiatives and funding opportunities indicates their active participation in addressing global health challenges, particularly in combating AMR.

Sources

• Publications - IMMUNETHEP
• IMMUNETHEP - For a Safer Tomorrow
• CARB-X funds Immunethep to develop vaccine to prevent E. coli infections
• PACE Award Profile: Immunethep, S.A.