SYDNEY, March 6, 2017 /PRNewswire/ --
- Grant is provided under Cooperative Research Centre Project
(CRC-P) scheme and provides up to A$3
million in cash over three years
- Funds will be applied to development of a next-generation
anti-tropomyosin program, intended to provide potential new
therapies for cancer. Research is distinct from Novogen's existing
anti-tropomyosin development candidate, ATM-3507 (Anisina)
- Novogen is lead partner in a collaboration, involving the
University of New South Wales and ICP
Firefly Pty Ltd, a Sydney-based
contract research organisation
Australian oncology-focused biotechnology company Novogen
Limited (ASX: NRT; NASDAQ: NVGN) is pleased to announce that it has
been awarded a grant of up to A$3m
over three years under the Cooperative Research Centre Project
(CRC-P) scheme managed by the Australian Department of Industry
Innovation and Science (DIIS).
The grant has been awarded to fund development of a
next-generation anti-tropomyosin program, which is intended to
provide potential new therapies for cancer. This research is
distinct from Novogen's existing anti-tropomyosin program, ATM-3507
(Anisina), which is currently in preclinical development.
The award provides a cash grant of up to A$3 million over three years to a collaboration
led by Novogen, together with the University
of New South Wales (UNSW) and ICP Firefly Pty Ltd, a
privately-held contract research organization based in Sydney, Australia. Under the conditions of the
grant, Novogen has committed to contributing A$1 million over
the three-year life of the project, and UNSW will contribute up to
A$300,000, in addition to the
A$3 million provided by DIIS under
the terms of the grant. In addition, the three parties will provide
manpower and other in-kind resources to the project. The grant
remains subject to finalisation of contractual negotiations between
the three parties and the Federal Government.
Dr David Brown, Chief Scientific
Officer at Novogen commented, "We are extremely honoured to receive
this important grant from the Federal Government. I would like to
congratulate Dr Stephen Palmer,
Program Director for the project, who has worked tirelessly over
the past six months to put forward a compelling application for
this highly competitive award."
The CRC-P scheme was started in 2015 to support industry-led
collaborations between industry and academia. A maximum of
A$3 million is available in each
grant, and a minimum of three Australian participants are required
in the collaboration. The first round, in 2016, made 11 grants, and
the second round, which includes Novogen's award, has funded 17
projects. The Novogen project is the first novel pharmaceutical
drug discovery program funded by the CRC-P scheme.
Novogen will be sharing further information on the
project once contractual discussions are completed.
About Novogen Limited
Novogen Limited (ASX: NRT; NASDAQ: NVGN) is an emerging
oncology-focused biotechnology company, based in Sydney, Australia. Novogen has a portfolio of
four development candidates, diversified across three distinct
technologies, with the potential to yield first-in-class and
best-in-class agents across a range of oncology indications.
The lead program is GDC-0084, a small molecule inhibitor of the
PI3K / AKT / mTOR pathway, which is being developed to treat
glioblastoma multiforme. Licensed from Genentech in late 2016,
GDC-0084 is anticipated to enter phase II clinical trials in 2017.
Three further molecules have been developed in-house from two
proprietary drug discovery platforms (superbenzopyrans and
anti-tropomyosins) to treat ovarian cancer and a range of solid
tumours. Cantrixil, the most advanced of these, commenced a
first-in-human clinical study in patients with ovarian cancer in
late 2016, while Anisina and Trilexium are in preclinical
development.
For more information, please visit: www.novogen.com