NEW YORK (GenomeWeb) – Molecular biology firm Sygnis said today it has received €1.9 million ($2.1 million) in funding from the Spanish government for research and development.
Under the auspices of a DNA research funding program called Retos, the department of research and development at the Spanish Ministry of Economy and Competitiveness has granted the firm the option to receive soft loans worth up to €1.2 million over a period of three years. The loans, which carry an interest rate of 0.06 percent, must be paid back within 10 years. Sygnis' Spain-based collaborators — the National Center for Molecular Biology, the San Carlos Hospital, and the Juan Dominguez foundation — will also receive €750,000 in government grants to fund their work with the company.
Using grants and interest-free or low-interest-rate soft loans with long-term durations, the Spanish government uses Retos to finance innovative scientific research of high social and economic impact.
"This funding verifies the quality of our projects, the high level of innovation, and also the impact potential on society and the economy of Sygnis’ technologies," Sygnis Co-CEO and CFO Pilar de la Huerta said in a statement. The funding will be used to conduct further research and development activities related to the firm's TruePrime and PrimPol technologies and the development of a cell-free DNA kit, the firm noted.