EU’s Innovative Medicines Initiative grants US$127 million to eight COVID-19 research projects
The European Commission announced that eight COVID-19 research projects have been selected to receive a total of €117 million (US$127 million) from the Innovative Medicines Initiative (IMI), a public-private partnership between the European Commission and the pharmaceutical industry. Initially, the Commission had committed €45 million (US$19 million), which was matched by the pharmaceutical industry. The Commission increased its commitment to €72 million (US$78 million), bringing the total funding amount to €117 million (US$127 million). Of the eight projects, five focus on developing rapid diagnostics and three on therapies.