08 Jun Evolution Biotechnologies receives advance assurance for EIS status in the United Kingdom
Bedford, UK, June 8th 2020
Evolution Biotechnologies (www.evolutionbiotech.com), the UK-based company pioneering the use of biological control to benefit human health, today reports that it has received advance assurance of eligibility for the Enterprise Investment Scheme (EIS) status from the tax authorities in the UK for its next investment round.
The EIS scheme provides additional tax relief for UK-based investors, and Evolution has secured EIS pre-approval for up to £3 million of investment.
About Evolution Biotechnologies
Evolution Biotechnologies (UK company 09473027) is working to extend the application of biological control from its proven efficacy in agriculture into biomedical markets. The company’s initial target is the development of a novel, self-amplifying biological control for the house dust mite, an expanding multi-billion dollar market with high value and significant unmet need. Asthma is a worldwide, chronic disease and house dust mite allergens are key to both sensitization and the triggering of attacks. The number of asthma patients worldwide exceeds 330 million of whom approximately 20% require frequent hospitalization. 383,000 people every year die as a result of asthma. The costs of asthma exceed $100 billion in the EU and US alone.
About biological control
Biological control is highly specific in nature, and is perceived as environmentally friendly. The US Environmental Protection Agency (EPA) has stated that “Since biopesticides tend to pose fewer risks than conventional pesticides, EPA generally requires much less data to register a biopesticide”. Biological control methodologies have been extensively used in the agricultural and food safety sectors and provide a “green” alternative to existing chemical approaches, especially where there are concerns over toxicity or resistance. Despite the validated route through the regulatory process and onto the market, application in the domestic and medical settings has received only limited attention to date. Evolution’s work is leading this important expansion of this proven approach into high value markets with unmet clinical need.
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