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Theramir Secures €525,000 To Propel Cancer Therapy To Clinical Phase

by THEFUTURE.TEAM

July 23, 2024

In a significant boost to its pioneering cancer treatment research, Theramir has successfully raised €525,000 in a bridge funding round. This capital injection is poised to support the company’s operations through the latter half of 2025, targeting a critical milestone: the initiation of clinical trials for their innovative therapy, EVmiR.

EVmiR, now patented by the European Patent Office, represents a novel approach in cancer treatment. By utilising extracellular vesicles (EVs) to deliver microRNAs (miRNAs) directly into tumours, Theramir aims to target oncoproteins—key regulators of cancer cell growth. This precision method promises fewer side effects compared to traditional treatments such as chemotherapy. The company’s technology has demonstrated efficacy in treating metastatic breast cancer and is now being tested for pancreatic and bladder cancers.

Theramir, co-founded by Marianna Prokopi-Demetriades and Costas Pitsillides in 2016, emerged from a passionate pursuit to find a cure for cancer. Their unique technology capitalises on EVs’ natural ability to transport biological information, essentially turning them into couriers that deliver tumour-suppressive messages via miRNAs. This method requires a detailed genetic profile of the patient to enhance the therapy’s precision and effectiveness, potentially offering prophylactic benefits by identifying genetic markers linked to high-risk conditions.

The latest funding round saw participation from notable investors, including Yannos Palate, a former executive at Eli Lilly, who will join Theramir’s advisory board. His extensive experience in life sciences and pharmaceutical engagement is expected to be instrumental in forging strategic partnerships with major pharmaceutical companies. Other investors include Nicosia-based family office Exerte Partners and finance and corporate lawyer Nancy Erotocritou.

Despite the challenges posed by the limited local life-sciences ecosystem in Cyprus, Theramir has managed to attract significant investor interest, raising €2.5 million in total, including €300,000 in grants. The company’s innovative approach and lower research costs compared to major biotech hubs like Boston or London have contributed to its success.

Looking ahead, Theramir is actively seeking a licensing deal with a major pharmaceutical firm to support the clinical trials, which could span up to seven years. The co-founders are optimistic about expediting the timeline through process efficiencies, projecting a market-ready therapy by 2030. In the interim, they are also exploring new revenue streams, such as using EVmiR to treat chronic malignant wounds through a project named MIRACULOUS, which has secured additional funding.

New Decrees For Blue Card And Foreign Students: Key Changes And Implications

by THEFUTURE.TEAM

December 20, 2024

The Ministry of Labor and Social Insurance has announced a series of new measures aimed at addressing the increasing demands of Cyprus’ labor market. These initiatives are designed to attract highly skilled professionals from third countries and broaden employment opportunities for foreign students in select fields, as outlined in the recent Decrees published in the Official Gazette of the Republic.

Attracting Skilled Professionals

One of the key updates is the introduction of a minimum annual salary for foreign professionals, which has been set at €43,632, 1.5 times the average gross annual salary in Cyprus. This salary threshold applies to individuals coming to work in sectors such as Information and Communication Technologies (ICT), pharmaceuticals for research purposes, and maritime industries (excluding skippers and crew).

Expanded Employment Options For Foreign Students

The new regulations also provide an update on the employment rights of foreign students. From December 2024, students from third countries will be able to work in Cyprus, with the new rules replacing the previous March 2024 start date.

Students studying ICT who have completed their first academic semester will be eligible to work in occupations related to their field of study, thereby gaining practical experience while pursuing their education.

In response to critical sector shortages, the regulations also clarify the specific occupations and salaries that Blue Card holders—third-country nationals—will be eligible for in Cyprus. The Blue Card, in line with the European Directive, allows highly skilled professionals to live and work in EU member states.

Strengthening The Labor Market and Economy

These updates are expected to bolster the supply of specialized workers in key sectors, addressing existing gaps and promoting the continued growth of Cyprus’ economy. At the same time, the new measures offer foreign students enhanced opportunities for professional development, facilitating their seamless integration into the country’s workforce.