Vienna Insurance Group Financing the Development of a Covid-19 Medication

Vienna Insurance Group has provided large-scale funding to the Austrian biotech company Apeiron Biologics AG, which is working on a COVID-19 drug.

The company was founded by Austrian scientist Josef Penninger, who's involved in the development of a drug used in patients with COVID-19 as part of a pan-European clinical trial.

Elizabeth Stadler, CEO of Vienna Insurance Group: Our fundamental mission as representatives of the insurance industry is to protect people from risk. In this situation, health has become the focus of attention, and as a company that cares about the health and life insurance, it's our priority to take care of it and prevent the spread of disease. Investing in Apeiron is a multi-faceted, long-term opportunity that allows us to deliver on our core promise of “protecting what is valuable” and achieving our economic goals.

Vienna Insurance Group is one of the largest investors in the Georgian insurance market and is represented in the country by two companies, GPI Holding and Irao.

Paata Lomadze, General Manager of GPI Holding: Vienna Insurance Group is distinguished by its social responsibility and we were sure that even in such a difficult time it would contribute to the public affairs. We are constantly feeling their support, and we are proud to be representing such a strong investor in the country that has made a significant contribution to the fight against the global pandemic. 

The medication that APEIRON is working on is in the second stage of a clinical trial. The company started working on this drug due to the positive results found in the treatment of SARS virus. Austrian scientist Josef Penninger and his team used the APN01 drug in the first blast of the SARS virus in 2003 to treat patients with acute lung damage and other respiratory syndromes. It is these syndromes that are the leading cause of death in patients with covid-19.