Mr. Mariusz Olejniczak reports
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
WPD Pharmaceuticals Inc. has received a prepayment of approximately $705,000 (Canadian) (two million Polish zloty) and is waiting for approval of reimbursement from the Polish National Centre 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 to 2020. The NCRD has approved WPD's application of the prepayment from the total approximately $7.4-million (Canadian) (22 million Polish zloty) 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 (two million Polish zloty).
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 tumours. This discovery can potentially extend the clinical use of anthracyclines to brain tumours, specifically GBM. Berubicin's previous phase I clinical trial, the first time it was tested in humans, yielded very promising results with 44 per cent 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.
Mariusz Olejniczak, chief executive officer of WPD Pharmaceuticals, commented: "We are very pleased to receive this prepayment of funding from the second grant issued by the NCRD. This funding provides important cash flow support and will be used for further development including contract research organization costs and fulfilling terms of our agreement with CNS. Approval of this prepayment required diligent work and I am proud of the project management team for their continued efforts."
The company also announces that it has received from the Polish government's COVID-19 assistance program $106,626 (Canadian) (307,800 Polish zloty). The funds are provided to help fight the effects of COVID-19 on employment and business activities, and is partially a grant and partially a loan, depending on what level of activity and employment the company maintains over the next 12 months. The funds are being paid to the company's wholly owned Polish subsidiary, WPD Pharmaceuticals Sp zoo.
About WPD Pharmaceuticals Inc.
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 four that are in clinical development stage. These drug candidates were researched at medical institutions, and WPD currently has continuing collaborations with Wake Forest University and leading hospitals and academic centres in Poland.
WPD has entered into licence agreements with Wake Forest University Health Sciences and sublicence agreements with Moleculin Biotech Inc. and CNS Pharmaceuticals Inc., respectively, each of which grant WPD an exclusive, royalty-bearing sublicence to certain technologies of the licensor. Such agreements provide WPD with certain research, development, manufacturing and sales rights, among other things. The sublicence territory from CNS Pharmaceuticals and Moleculin Biotech includes for most compounds 30 countries in Europe and Asia, including Russia.
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