With support from the German Federal State of Lower Saxony, CORAT Therpeutics was formed as a dedicated body to promote the further development of the antibody based COVID-10 medicine.
“What is being developed here in Braunschweig may save lives all over the world. Therefore, we decided to provide CORAT Therapeutics a financial base for the rapid development of a COVID-19 drug.”Minister of Economy Dr. Bernd Althusmann
Today YUMAB GmbH announces the first financing round of its spin-off CORAT Therapeutics GmbH to advance the development of COVID-19 antibody drug candidates. Financial investments are provided by the German Federal State of Lower Saxony and a group of private investors from Braunschweig. CORAT Therapeutics will pursue the clinical development of the lead antibody drug candidate COR-101.
“In addition to the scientific ability to develop an effective drug against COVID-19, it is now important to provide a financial scope for a young biotech company to be able to work successfully. We contribute this expertise through our associated company NBank-Capital. Together with a Braunschweig investor group, we provide the financial requirements to develop an effective drug against COVID-19 here in Lower Saxony.”Dr. Ulf Meier, board member of NBank