EU provides up to NOK 110 million for Norwegian technology to fight cancer

‘We are honoured and proud to receive such prestigious external validation of our technology, clinical strategy and team. The support from the EIC Accelerator enables us to conduct our first clinical trial and further develop new candidates based on our platform technology,’ says Annbjørg Falck, CEO and co-founder of NaDeNo.

The company is a spin-off from SINTEF and will now receive up to NOK 110 million (€10 million) through the EU's prestigious EIC Accelerator programme. €2.5 million will be provided as a grant, and the company may also receive an equity investment of up to €7.5 million from the EIC Fund.

NaDeNo is developing a pioneering nanoparticle-based platform for precise and effective drug delivery through the abdominal cavity. The technology primarily targets ovarian cancer – one of the most aggressive forms of cancer worldwide, with a significant need for new, more targeted treatments.

NaDeNo's most promising drug candidate, PACAB‑002, is a new formulation of the chemotherapy drug cabazitaxel, in which the active ingredient is encapsulated in specially developed PACA nanoparticles. This method enables more targeted and precise delivery of the drug directly into the abdominal cavity, where microscopic cancer cells may remain even after the patient no longer shows signs of disease. These residual cells are too small to detect or remove using current methods, but pose a significant risk of recurrence.

The nanoparticle technology ensures that the medicine remains where it is needed for longer and targets the cancer cells more precisely. This represents a breakthrough in the treatment of ovarian cancer.

We have supported NaDeNo throughout the EIC Accelerator application process.

‘Innovation Norway gave us the push we needed to apply and supported us in the early stages. They connected us with experts who guided us through the application process and helped us prepare for the investor interview in Brussels. This was extremely valuable to us,’ says Annbjørg Falck.

Our CEO Håkon Haugli believes the award is a strong recognition of NaDeNo's technology, and that organisations such as SINTEF Venture play an important role in developing deep tech in Norway.

‘This award shows that Norwegian biomedical technology companies not only match but outperform some of Europe’s leading companies. They are succeeding in fierce competition for EU scale-up and growth funding for deep-tech companies with significant international potential. The award is a major recognition of the technology, business potential and societal benefits this solution offers worldwide,’ says Haugli.

The European Innovation Council's EIC Accelerator is a funding scheme under Horizon Europe that enables small and medium-sized enterprises to apply for grants and equity investment. The funding supports breakthrough innovations with strong potential for international growth and a significant positive impact on the environment and society. We are the national contact point for the EIC Accelerator and provide support including advisory on application development, pitch training and a rehearsal ahead of the investor interview in Brussels.