WPD Pharmaceuticals Receives Second Prepayment of $705,000 from Total $7.4 Million Grant for Development of WPD101

VANCOUVER, British Columbia, Sept. 16, 2020 (GLOBE NEWSWIRE) -- WPD Pharmaceuticals Inc. (CSE: WBIO)(FSE: 8SV1) (the “Company” or “WPD”) a clinical-stage pharmaceutical company, is pleased to announce that it has received a prepayment of approximately C$705,000 (2,000,000 PLN) and approval for reimbursement of approximately C$175,000 (500,000 PLN) from the Polish National Center for Research and Development (“NCRD”) granted by the European Union, under the Smart Growth Operational Program 2014-2020, for the further development of WPD101, the Company’s drug candidate targeting glioblastoma (“GBM”) which includes Phase I clinical studies.

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 main aim of the Centre is to support the creation of innovative solutions and technologies that increase the competitiveness and innovation of the Polish economy. The approved prepayment for WPD’s continued advancements of the WPD101 drug candidate further validates its scientific development strategy and government support in doing so.

WPD is developing WPD101 which will allow GMB patients access to innovative molecular targeted therapies as an alternative to conventional treatment. The drug is currently in preclinical development and its consistent anticancer properties are demonstrated and validated in dogs with spontaneous GBM closely resembling GBM in human patients.

Overall, the results of these studies indicate the significant potential of WPD101 demonstrating the same effective treatment of GBM in humans. The Company expects Phase I clinical trials to begin in 2021.

Mariusz Olejniczak, CEO of WPD Pharmaceuticals commented, “We are very pleased to receive this second prepayment from the grant issued by the NCRD, which continues to validate our progress and development plans of WPD101. This funding provides important cashflow support and will be used for further development and upcoming Phase I clinical trials. Approval of these prepayments requires diligent work and I am proud of the project management team for their continued efforts.”

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 the 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.