Orion Biotechnology Awarded a $2M Grant from National Center for Research and Development to Fund Further Development of its HIV Microbicide
OTTAWA, July 17, 2018 (GLOBE NEWSWIRE) -- Orion Biotechnology Canada Ltd., a developer of novel medical treatments, today announced that its European subsidiary, Orion Biotechnology Polska Sp. z o.o., was awarded a grant of $2M US dollars by the National Center for Research and Development. The grant will fund a project to advance development of the company's innovative microbicide candidate (OB-002H). Designed to prevent the transmission of HIV, OB-002H has the potential to address an urgent and growing need for an HIV prevention product that is affordable, appealing to use, and easily integrates into the lifestyles of people at risk for HIV infection regardless of age, sex or gender.
The project is co-financed by the National Center for Research and Development under the InnoNeuroPharm program - Measure 1.2: Sectoral R & D programs of the Intelligent Development Operational Program 2014-2020. Orion Biotechnology will use the grant to complete IND enabling studies, advance OB-002H to the clinic and complete a Phase 1 clinical trial.
"This additional investment will help accelerate our efforts to bring our novel microbicide to market," said Dr. Ian McGowan, Chief Scientific Officer for Orion Biotechnology. "Armed with sufficient capital and a robust preclinical data package, Orion is now positioned to advance OB-002H into the clinic."
Mark Groper, President and CEO of Orion Biotechnology, added; "We are honoured to have been successful in the comprehensive and highly competitive selection process conducted by the National Center for Research and Development. It is further endorsement of our world-class team of experts as well as the therapeutic and commercial promise of our innovative HIV microbicide product."
About Orion Biotechnology Canada, Ltd.
Orion Biotechnology Canada Ltd, is a privately held pharmaceutical company founded on the vision of radically improving the health of the global population through successful treatment and prevention of the most serious chronic illnesses and life-threatening diseases. Since 2011, Orion has been developing a robust pipeline of potential products based on novel formulations discovered in different parts of the world. Our close ties to diverse institutions and experts around the globe continue to stimulate the rapid discovery of promising new treatments. With operations in North America, Europe and Asia, Orion brings together innovative technologies from some of the world's leading research institutions, such as the Mintaka Research Foundation and the Center for Public Health Research at Nanjing University. Learn more at www.orionbiotechnology.com.
This press release contains forward-looking information, which reflects Orion's current expectations regarding future events. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Orion's control, that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. These forward-looking statements are made as of the date of this press release and, except as expressly required by applicable law, Orion assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Contact: Ross MacLeod
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Source: Orion Biotechnology Canada Ltd via Globenewswire