Edesa Biotech to Receive Up To C$23 Million in Funding from Federal Government

TORONTO, ON / ACCESSWIRE / October 12, 2023 / Edesa Biotech, Inc. (Nasdaq:EDSA), a clinical-stage biopharmaceutical company focused on inflammatory and immune-related diseases, has secured a commitment of up to C$23 million from the Government of Canada for a pivotal Phase 3 clinical study of the company's first-in-class therapeutic candidate.

Edesa's experimental drug, called EB05 (paridiprubart), represents a new class of emerging therapies called Host-Directed Therapeutics (HDTs) that are designed to modulate the body's own immune response when confronted with infectious diseases or even chemical agents. Importantly, these therapies are agnostic to the causal agent and can be stockpiled preemptively for seasonal outbreaks and unexpected emergencies and threats.

"This project has the potential to increase survival rates, reduce ICU costs and improve outcomes for critically ill patients," said Par Nijhawan, MD, Chief Executive Officer of Edesa Biotech. "With this validation and the continued support from the federal government, we believe we are in a position to accelerate research, expand our reach to more hospitals and move another significant step closer to commercialization."

Edesa's current project builds on the success of a government-supported Phase 2 clinical study completed during the pandemic which demonstrated that paridiprubart reduced mortality by 84% among critically ill patients with a severe form of respiratory disease called Acute Respiratory Distress Syndrome (ARDS). A parallel in vitro study at the University of Toronto also demonstrated recently that paridiprubart inhibits inflammation from influenza and other pathogens.

"We are proud of our track record of delivering successful results on time and on budget for our government-supported projects," said Dr. Nijhawan. "The development of breakthrough medicines - especially in the critical care fields - is key to building a strong biopharma sector, creating jobs and most importantly improving patient outcomes at home and abroad. We are honored to be a part of these efforts."

The Honorable Francois-Philippe Champagne, Minister of Innovation, Science and Industry said that the Strategic Innovation Fund (SIF) funding announced today is part of the government's plan to grow a strong and competitive life sciences sector, and ensure the nation's readiness for future pandemics or other health emergencies.

"This project is a prime example of Canada's determination to the development of the next generation of medicine, while creating good jobs and securing long-term economic growth," said Minister Champagne.