Combined with an Equity Component of up to €10 Million Under the European Innovation Council´s Accelerator Program
Cellbox Solutions GmbH, a leading provider of warm chain logistics solutions for the research, development and shipment of cell-based therapies and cellular diagnostics, today announced that the Company has been awarded an initial grant of €2.5 million combined with an additional equity funding of up to €10 million under the European Innovation Council (EIC) Accelerator program sponsored by the European Union.
Cellbox has established a significant global footprint in the life sciences R&D sector by enabling academic and industrial groups to transport difficult-to-freeze and non-freezable cell types such as organoids, tissue patches, cellular 3D prints and others. The initial grant will be used to further develop the Cellbox technology for the workflow of clinical trials and cell therapies for the cell and gene technology market. The equity component will be used to expand Cellbox´ logistics services and establish logistics hubs in Europe, the U.S., and APAC. The two-year €2.5 million grant will be disbursed in August 2023 and will be complemented by the EIC Fund's equity investment starting in early 2024.
“We are very proud that the EIC Accelerator jury has chosen to support Cellbox in the development and commercialization of its sophisticated warm chain logistics solutions in a fierce competition among numerous European start-up applicants,” said Kathrin Adlkofer, Prof. PhD, Founder of Cellbox Solutions GmbH. “Our goal is to bring our innovative and enabling live cell transport technology to key healthcare markets and ultimately to patients in Europe, the U.S. and Asia-Pacific.”
Cellbox Solutions´ technology is based on a unique portable live cell transport incubator combined with leading-edge live cell logistics solutions for healthcare companies.
About the EIC and the EIC Accelerator Grant The EIC was established by the European Commission as part of the EU´s Horizon Europe program. It provides funding to individual companies (mainly start-ups and SMEs) through both grants and investments. Investments currently take the form of direct equity or quasi-equity investments and are managed by the EIC Fund. The EIC Accelerator offers start-ups and SMEs grants of up to €2.5 million ($2.5 million) combined with equity investments through the EIC Fund ranging from €500,000 to €15 million ($489,000 to $14.7 million) or more. In addition to financial support, all projects benefit from a range of business acceleration services that provide access to leading expertise, companies, investors and ecosystem players.