WPD Pharmaceuticals Receives the First Prepayment of $705,000 from Total $7.4 Million Grant for Development of Berubicin, and Receives $106,626 Government Covid-19 Cash Assistance
VANCOUVER, British Columbia, Oct. 05, 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 is waiting for approval of reimbursement from the
Polish National Center for Research and Development (“NCRD”) for the further development of Berubicin, the Company’s drug candidate targeting glioblastoma (“GBM”)
which includes two clinical studies, planned to be implemented under the project: “New approach to glioblastoma treatment addressing the critical unmet medical need”, granted by the European Union,
under the Smart Growth Operational Program 2014-2020. The NCRD has approved WPD’s application of the prepayment from the total approximately C$7.4 million (22,000,000 PLN) grant for WPD’s
development of Berubicin. This follows the receipt last week of the first portion of a grant for WPD’s development of another compound, WP101, in the same amount (2,000,000 PLN).
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. The approved prepayment for WPD’s continued advancements of the Berubicin drug candidate further validates its scientific development strategy and government support in doing so.
Berubicin is an exciting new drug that is one of the first anthracyclines proven to cross the blood-brain barrier (“BBB”) and able to reach brain tumors. This discovery can potentially extend the clinical use of anthracyclines to brain tumors, specifically GBM. Berubicin’s previous Phase I clinical trial, the first time it was tested in humans, yielded very promising results with 44% of the patients showing a clinical response. In addition, Berubicin has shown evidence of improved overall survival in a patient population that currently has a median survival rate of only 14.6 months from initial diagnosis of the condition.