NovelMed Therapeutics has received a combined $1.43m small business innovation research (SBIR) grant from the National Institutes of Health (NIH) to further develop its anti-complement antibody for orphan disease.
The company will use the first installment of the grant totaling $542,572 to evaluate its lead candidate's therapeutic superiority to eculizumab in treating paroxysmal nocturnal hemoglobinuria (PNH), a rare and life-threatening blood disorder.
The remaining funding will be provided for later stage development subject to the demonstration of candidate's superiority to eculizumab under various experimental conditions.
NovelMed's recent studies indicate that its lead candidate could have a superior efficacy, safety and dosage profile relative to eculizumab.
NovelMed founder and CEO Rekha Bansal said that the company applauds the support of the NIH in transitioning promising technologies from the laboratory to the clinic.
"We are honored that the scientific peer-review process at the NIH has repeatedly deemed our developmental concepts worthy of continued support as we advance the development of life-changing products," Bansal added.
The NIH funding represents a major step towards commercialization of NovelMed's orphan disease therapy platform.
