WPD Pharmaceuticals to Receive $6.7 Million Grant for Development of Annamycin Drug Candidate
May 11 2021 - 07:30AM
WPD Pharmaceuticals Inc. (CSE: WBIO)(FSE: 8SV1)
(the “
Company” or “
WPD”) a
clinical-stage pharmaceutical company, is pleased to announce that
it has been conditionally awarded a grant of $6,730,036
(20,394,049.68 PLN) from the Polish National Center for Research
and Development (“
NCRD”), for the development of
Annamycin, the Company’s drug candidate used in the treatment of
Acute Myeloid Leukemia (“
AML”).
Annamycin is a "next generation" anthracycline,
that has been shown to be less cardiotoxic compared to other
anthracycline, such as doxorubicin, and to avoid multidrug
resistance, so the use of Annamycin may not face the same dose
limitations imposed on doxorubicin. The project entitled: “A novel
approach to the therapy of acute myeloid leukemia (AML)” will be
co-financed by the European Union, from the European Regional
Development Fund, under the Smart Growth Operational Program
2014-2020. The funds will be used on the continued development of
Annamycin in combination treatment and is budgeted to cover about
60% of the planned costs of a Phase 1/2 combination drug clinical
trial. WPD sublicenses the rights for Annamycin in 29 European and
Asian countries from Moleculin Biotech, Inc. (NASDAQ: MBRX).
The NCRD is an executive agency of the Minister
of Science and Higher Education. It was established as a unit
implementing tasks in the field of science, technology and state
innovation policy. The chief aim of the Centre is to support the
creation of innovative solutions and technologies that increase the
competitiveness and innovation of the Polish economy.
Mariusz Olejniczak, CEO of WPD
Pharmaceuticals commented, “We are very pleased to receive
this significant grant of funding which continues to validate and
provide confidence in our progress and development of Annamycin.
The funds will cover approximately 60% of the costs associated with
our development plans and will form the foundation for our ability
to continue advancing the drug candidate. We appreciate the
continued support from the NCRD and look forward to continuing our
collaboration with them.”
About WPD Pharmaceuticals
WPD is a biotechnology research and development
company with a focus on oncology and virology, namely research and
development of medicinal products involving biological compounds
and small molecules. WPD has licensed in certain countries 10 novel
drug candidates with 4 that are in clinical development stage.
These drug candidates were researched at medical institutions, and
WPD currently has ongoing collaborations with Wake Forest
University and leading hospitals and academic centers in
Poland.
WPD has entered into license agreements with
Wake Forest University Health Sciences and sublicense agreements
with Moleculin Biotech, Inc. and CNS Pharmaceuticals, Inc.,
respectively, each of which grant WPD an exclusive, royalty-bearing
sublicense to certain technologies of the licensor. Such agreements
provide WPD with certain research, development, manufacturing and
sales rights, among other things. The sublicense territory
from CNS Pharmaceuticals and Moleculin Biotech includes for most
compounds 30 countries in Europe and Asia, including Russia.
On Behalf of the Board
‘Mariusz Olejniczak’
Mariusz Olejniczak CEO, WDP Pharmaceuticals
Contact:
Email: investors@wpdpharmaceuticals.com Tel:
604-428-7050 Web: www.wpdpharmaceuticals.com
Investor Relations:
Arrowhead Business and Investment Decisions,
LLC
Thomas Renaud Managing Director 42 Broadway,
17th Floor New York, NY 10004 Office: +1 212 619-6889
enquire@arrowheadbid.com
Cautionary Statements:
Neither the Canadian Securities Exchange nor the
Investment Industry Regulatory Organization of Canada accepts
responsibility for the adequacy or accuracy of this release.
This press release contains forward-looking
statements. Forward-looking statements are statements that
contemplate activities, events or developments that the Company
anticipates will or may occur in the future. Forward-looking
statements in this press release include that we can access the
NCRD grant and that WPD’s drugs could be developed into novel
treatments for cancer. These forward-looking statements reflect the
Company’s current expectations based on information currently
available to management and are subject to a number of risks and
uncertainties that may cause outcomes to differ materially from
those projected. Factors which may prevent the forward looking
statement from being realized is that receipt of the announced
grant is subject to a number of conditions including Polish and EU
regulation for small and medium enterprises, Polish and EU grant
regulation and certain milestones, and we may not be able meet
those milestones; competitors or others may successfully challenge
a granted patent and the patent could be rendered void; that we are
unable to raise sufficient funding for our research; that we may
not meet the requirements to receive the grants awarded; that our
drugs don’t provide positive treatment, or if they do, the side
effects are damaging; competitors may develop better or cheaper
drugs; and we may be unable to obtain regulatory approval for any
drugs we develop. Readers should refer to the risk disclosure
included from time-to-time in the documents the Company files on
SEDAR, available at www.sedar.com. Although the Company believes
that the assumptions inherent in these forward-looking statements
are reasonable, they are not guarantees of future performance and,
accordingly, they should not be relied upon and there can be no
assurance that any of them will prove to be accurate. Finally,
these forward-looking statements are made as of the date of this
press release and the Company assumes no obligation to update them
except as required by applicable law.
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