ResoTher Pharma, a Denmark-based biotech company, announced on Monday that it has received a EUR2.5m grant from the European Innovation Council (EIC).

The funds are intended to support the development of the company's Lead Compound, RTP-026, in a Phase 2a clinical study in Myocardial Infarction.

The project focusing on development of Resother Pharmas RTP-026 compound is one of 47 projects selected to receive funding out of 648 full proposals submitted for evaluation to the EIC-accelerator program. The grant given to ResoTher Pharma is defined as a 'Grant first,' meaning that the project will be considered for further support by the European Investment Bank upon completion of the Phase 2a study supported by the current grant.

RTP-026 is being developed as a new and innovative way to moderate the inflammatory response that occurs in the heart during the recovery phase of a myocardial infarction.