EDISON, N.J., Jan. 3, 2017 /PRNewswire/ -- ContraVir
Pharmaceuticals, Inc. (NASDAQ: CTRV), a biopharmaceutical company
focused on the development and commercialization of targeted
antiviral therapies, today announced that the company was awarded a
$297,875 CAD research grant from the
National Research Council in
Canada through the Council's
Industrial Research Assistance Program (IRAP). Proceeds from
the grant will fund a substantial portion of personnel expenses,
including the hiring of additional laboratory staff, which is
expected to advance preclinical development of ContraVir's potent
cyclophilin inhibitor CRV431 for the Treatment of Hepatitis B
(HBV).
"We are very grateful to NRC-IRAP for this generous contribution
to our CRV431 program in hepatitis B," said Robert Foster, Pharm.D., Ph.D., Chief Scientific
Officer of ContraVir. "The fact that we can now expand the
team dedicated to advancing this promising new molecule will have a
positive impact on our ability to gain critical insights into its
mechanism of action and explore new combination regimens capable of
potentially eradicating HBV."
"We're proud of our team for continuing to leverage every
available opportunity to advance development of our antiviral drug
candidates," said James Sapirstein,
Chief Executive Officer of ContraVir. "Determining the
specific molecules and processes inhibited by CRV431, such as the
exciting HBV X pathway, will help us further validate this compound
and drive potential interest among commercial development partners
working toward curative anti-HBV combination therapies."
About ContraVir Pharmaceuticals
ContraVir is a biopharmaceutical company focused on the development
and commercialization of targeted antiviral therapies with a
specific focus on developing a potentially curative therapy for
hepatitis B virus (HBV). The Company is developing two novel
anti-HBV compounds with complementary mechanisms of action:
Tenofovir Exalidex™ (formerly CMX157), a highly potent analog of
the successful antiviral drug tenofovir currently in Phase 2a,
which has demonstrated the potential for low, once a day dosing
compared to Viread® and decreased systemic exposure,
thereby potentially reducing renal and bone side effects; and
CRV431, a next generation cyclophilin inhibitor with a unique
structure that increases its potency and selective index against
HBV. ContraVir is also developing Valnivudine ™ (formerly FV-100),
an orally available nucleoside analogue prodrug for the treatment
of herpes zoster, or shingles, in a Phase 3 clinical trial. In
addition to direct antiviral activity, Valnivudine™ has
demonstrated the potential to reduce the incidence of debilitating
shingles-associated pain known as post-herpetic neuralgia (PHN) in
a Phase 2 clinical study. For more information visit
www.contravir.com.
Forward Looking Statements
Certain statements in this press release are forward-looking within
the meaning of the Private Securities Litigation Reform Act of
1995. These statements may be identified by the use of
forward-looking words such as "anticipate," "believe," "forecast,"
"estimated" and "intend," among others. These forward-looking
statements are based on ContraVir's current expectations and actual
results could differ materially. There are a number of factors that
could cause actual events to differ materially from those indicated
by such forward-looking statements. These factors include, but are
not limited to, substantial competition; our ability to continue as
a going concern; our need for additional financing; uncertainties
of patent protection and litigation; uncertainties with respect to
lengthy and expensive clinical trials, that results of earlier
studies and trials may not be predictive of future trial results;
uncertainties of government or third party payer reimbursement;
limited sales and marketing efforts and dependence upon third
parties; and risks related to failure to obtain FDA clearances or
approvals and noncompliance with FDA regulations. As with any drug
candidates under development, there are significant risks in the
development, regulatory approval, and commercialization of new
products. There are no guarantees that future clinical trials
discussed in this press release will be completed or successful, or
that any product will receive regulatory approval for any
indication or prove to be commercially successful. ContraVir does
not undertake an obligation to update or revise any forward-looking
statement. Investors should read the risk factors set forth in
ContraVir's Form 10-K for the year ended June 30, 2016, and other periodic reports filed
with the Securities and Exchange Commission.
For further information, please contact:
Sharen Pyatetskaya
Director of Investor Relations
sp@contravir.com; (732) 902-4028
Tiberend Strategic Advisors, Inc.
Joshua Drumm, Ph.D. (investors)
jdrumm@tiberend.com; (212) 375-2664
Claire LaCagnina (media)
clacagnina@tiberend.com; (212) 375-2686
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SOURCE ContraVir Pharmaceuticals, Inc.