Newron receives funding from Italian government
This article was originally published in Scrip
Newron Pharmaceuticals has been awarded €5 million from the Italian research ministry towards its €5.3 million R&D programme. The grant will fund R&D expenses incurred during the two year period which began July 1st, last year, as well as training costs for an 18-month period which began at the start of this year. €260,000 of the funding will be used for training activities. Newron will pay 0.5% interest on 58% of the grant, which is to be repaid within 10 years, while the remainder of the grant is non-reimbursable. Newron acquired the UK biopharmaceutical company Hunter-Fleming for €8 million up front in April (Scrip Online, April 30th, 2008).
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