GeneCode, a company in Tallinn, Estonia, develops small-molecule drugs that cross the blood-brain barrier and activate the receptors of GDNF, a natural protein that helps dopamine neurons survive, aiming to slow Parkinson's disease rather than only ease its symptoms. It was selected in the EIC Accelerator's March 2023 cut-off for KevadBio, and in July 2023 PharmaTimes reported €16 million of EIC support, "divided into a €1.7m grant and €14.3m in equity investments", for a project developed with Argobio, according to PharmaTimes. The grant agreement provides €1.64 million for a €2.34 million project running from January 2024 to December 2026, according to CORDIS.
The project is still running, and no periodic report has been published on CORDIS. Its objective is a drug "administered weekly or less frequently as an oral treatment" that would protect and restore damaged dopamine neurons. In 2023 GeneCode supervisory board member Mart Saarma said the company was "in the position to start preparations to achieve the IND-ready status to apply for a licence for clinical trials". No clinical trial of the compound is registered on ClinicalTrials.gov.
Company file
- Legal entity
- GeneCode AS, 10362550, Tallinn
- Former names
- Balti Tehnoloogiaarenduse AS
- CEO
- Paavo Pilv
- Supervisory board member
- Prof. Mart Saarma
- Partner
- Argobio
- Stage
- Preclinical
- EIC funding
- Grant plus equity, per 2023 announcement
Where GeneCode Stands Now
GeneCode AS reported no revenue from 2021 to 2025, a net profit of €383,883 in 2025 and equity of €5.71 million, according to the Estonian Business Register and Inforegister, which lists three employees in early 2026. The profit without revenue indicates income from other sources, which the free data does not break down. PharmaTimes reported that researchers at the universities of Tartu and Helsinki and international contract research organisations contribute to the work.
"We are now in the position to start preparations to achieve the IND-ready status to apply for a licence for clinical trials."
Prof. Mart Saarma, GeneCode supervisory board member, July 2023The Technology: Mimicking a Protective Protein
GDNF protects dopamine neurons, but as a protein it cannot easily reach the brain. GeneCode's compounds are small molecules that penetrate the blood-brain barrier and target the same receptor complex, the CORDIS summary says, with possible uses also in ALS and neuropathic pain. CORDIS describes them as "potentially increasing dopamine levels in brain tissue".
What the EIC Award Promised, and What the Record Shows
The award aims to develop a Parkinson's drug based on GDNF mimetics. With the project still running and no report published, there is no public record of progress since 2023. Whether the €14.3 million of announced equity was invested, and in which company, is also not public.
- Preclinical developmentUnverifiedNo report yet.
- IND-ready statusUnverifiedNot announced.
- Clinical trialNot startedNone registered.
- EIC equity investedUnverifiedNot disclosed.
The Money
The EU pays 70% of the grant project. GeneCode AS has reported profits every year since 2022 despite having no revenue. The €14.3 million equity component is more than twice the company's equity at the end of 2025, and where it went, if paid, is not public.
What Cannot Be Checked
Questions for the EIC
Whether the €14.3 million equity was invested and into which entity, what preclinical results have been reached, and when a clinical trial application will be filed are not public.
Why Europe Should Care
Parkinson's disease has no treatment that slows its progress, the CORDIS summary notes. A pill that protects dopamine neurons would matter to millions. The EIC made one of its larger commitments to this Estonian programme; the public record of what it has achieved is almost empty.
What the award promised
A novel oral Parkinson's drug that protects and restores dopamine neurons.
What the record shows
A running preclinical project, no public progress report and no clinical trial yet.
The Verdict
Too early to judge
GeneCode's EIC project ends in December 2026. Until it reports, the public cannot see what €16 million of announced support has produced.
GeneCode and the EIC have not been asked for comment for this article. It is based entirely on public records and published statements, linked throughout.
