Celtic Biotech, a Dublin company founded by brothers Dr Paul Reid and John Reid, develops CB-24, crotoxin, a protein from the venom of the South American rattlesnake, as an at-home infusion treatment for advanced non-small cell lung cancer. It was selected in the EIC Accelerator's March 2023 cut-off and received an EU grant of €2.50 million for a €3.86 million project that ran from October 2023 to July 2026, according to CORDIS. The objective was to run a Phase I Part 3 trial "involving 24 patients" and move toward approval by European and US regulators.
The only public report, to September 2024, said the trial protocol had been approved by French regulators and the trial was "due to start in Jan 2025", according to the CORDIS reporting page. The trial record at the Institut de Cancérologie de l'Ouest near Nantes, first submitted in 2011, was updated in April 2026 to "not yet recruiting", with an estimated start in October 2026 and 24 patients, according to ClinicalTrials.gov. The EIC project ended in July 2026 without the trial it was meant to complete.
Company file
- Legal entity
- Celtic Biotech Ltd, Dublin
- CEO
- Dr Paul Reid, co-founder, based in Florida
- Co-founder
- John Reid, in Ireland
- Drug
- CB-24, crotoxin from rattlesnake venom
- Manufacturer
- Immunoclin Ltd, UK
- Trial site
- Institut de Cancérologie de l'Ouest, France
- EIC funding
- Grant first
Where Celtic Biotech Stands Now
Celtic Biotech's website says it is a clinical-stage company, but its clinical trials page shows only a heading, and its investor relations page forwards to Millscope Markets. That page describes an $85 million secured convertible note issued by Millscope Biotech Inc under Florida law, with a $200,000 minimum subscription, of which $50 million is earmarked as a draw-down facility for Celtic Biotech and the rest invested in investment-grade securities. It does not say how much has been subscribed. Irish company accounts are not freely accessible, so Celtic's finances are not public here.
"The EIC Accelerator grant funding will enable us complete our Phase I clinical programme, a vital step closer to achieving that potential."
Dr Paul Reid, CEO of Celtic Biotech, 2023The Technology: A Venom Protein Against Tumours
Crotoxin is a neurotoxin that, according to the company, binds nicotine receptors on cancer cells and triggers their death. Celtic describes "unprecedented efficacy" in small earlier Phase I trials, but has not published those results in the sources checked for this article, and a claim of efficacy from safety trials needs controlled studies to test it. The company also began making the two protein subunits in bacteria, to avoid dependence on snake venom.
What the EIC Award Promised, and What the Record Shows
The award promised larger-scale manufacturing, clinical drug production and a completed Phase Ic trial. By late 2024 a UK manufacturer had completed a test run and applied for a permit, a sterile filling site had been identified, and the snake colony had doubled. The trial, the centrepiece of the project, did not start during the project.
- Venom supplyDeliveredColony doubled to 100.
- GMP manufacturingPartialTest run; permit pending in 2024.
- Phase Ic trialNot startedNot recruiting at end.
- Final reportingMissingOnly period 1 public.
The Money
The EU paid 65% of the project. In 2023 co-founder John Reid said the company would seek EIC equity of up to €15 million after successful Phase I trials, according to PR Newswire. With the trial not started, that condition has not been met. The US note offering is the only large financing Celtic points investors to.
What Cannot Be Checked
Questions for the EIC
Why the trial did not start, how the €2.50 million was spent, whether the UK manufacturing permit was granted, how much of the $85 million note has been raised, and why no final report is on CORDIS are not public.
Why Europe Should Care
Lung cancer kills more Europeans than any other cancer, and patients with advanced disease need new treatments. The EIC funded a drug with bold claims and little published evidence, to produce evidence through a trial. The project ended without the trial, so the public still does not know whether crotoxin works.
What the award promised
A completed 24-patient Phase I trial and scaled-up manufacturing of CB-24.
What the record shows
A bigger snake colony, a manufacturing test run, and a trial still not recruiting.
The Verdict
The trial never came
Celtic Biotech took EIC money to finish its Phase I trial. When the project ended, the trial had not enrolled a single patient.
Celtic Biotech and the EIC have not been asked for comment for this article. It is based entirely on public records and published statements, linked throughout.
