Biotechnology firm Skuldtech announced that it received EUR 1 million or USD 1.3 million from French public investment bank Bpifrance (Banque publique d'investissement). The funding was given to develop a new therapy for treating Alzheimer's disease, which is Skuldtech's current project. The latest amount brought the total funding of the project to EUR 8.6 million. The program was set for four years, with 2018 as the target date for the first results of the therapy.

Skuldtech partnered with AB Science for the project. Skuldtech would be using the money to develop a companion diagnostic for AB Science's masitinib molecule. Both therapies would be able to tell the progression of Alzheimer's disease. Skuldtech would utilize the money to enhance technological platform, bioinformatics and biostatics programs to be able to measure and confirm at which stage of Alzheimer's a patient is in.

Skuldtech Chief Executive Officer Didier Ritter said the partnership would strengthen the company's position in personalized medicine as well as in the field of developing companion diagnostics. "As well as bringing new diagnostics to market, we are also open to similar partnerships with other biotech companies or with pharmaceutical laboratories," Ritter added.