Huge NEWS!!! GOV GRANT - Government of Canada contribution up to $6.7 Million
- Funding from the department of Innovation, Science and Economic Development through the Strategic Innovation Fund and part of the Government of Canada’s Plan to Mobilize Science to fight COVID-19
- Metablok is a novel Canadian drug candidate designed to prevent organ inflammation, which occurs in severe cases of COVID-19
TORONTO, Dec. 15, 2020 (GLOBE NEWSWIRE) -- Arch Biopartners Inc. (“Arch” or the “Company”) (TSX Venture: ARCH and OTCQB: ACHFF), a clinical stage company developing new drug candidates for treating organ damage caused by inflammation, announced today that the Government of Canada has awarded a contribution of up to $6.7 million from the department of Innovation, Science and Economic Development (ISED) to support the Phase II development of Metablok (LSALT Peptide), the Company’s therapeutic drug candidate to prevent organ inflammation and injury in patients hospitalized with COVID-19.
This funding comes from the Strategic Innovation Fund (SIF) and is part of the Canadian Government’s Plan to Mobilize Science to Fight COVID-19. The funding will help Arch advance Metablok through the current Phase II trial targeting the prevention of acute lung injury, acute kidney injury and other complications caused by inflammation in hospitalized patients with moderate to severe cases of COVID-19.
The Phase II trial is currently underway in the United States and Turkey with ongoing patient recruitment in five hospital sites. Arch has received Health Canada approval and is preparing to begin dosing patients in Canada.
The contribution from SIF will also help Arch advance studies for optimal dosage, perform the chemistry, manufacturing and controls of the drug to support its approval as a COVID-19 treatment, and ultimately prepare for a Phase III trial.
“As the world works towards an effective COVID-19 vaccine, we cannot lose sight of the importance of developing treatments to keep those stricken with the virus alive. Today’s contribution will support Arch Biopartners as they take their promising treatment through clinical trials and subsequent approvals. Once approved, this drug has the potential to be an important tool to save lives, improve long-term health and reduce the strain on Canada’s medical system. Investments like these not only help protect and support Canadians through this pandemic, but also help lay the foundation for a better-prepared, healthier, and more prosperous future.”
– The Honourable Navdeep Bains, Minister of Innovation, Science and Industry
“This contribution from SIF will help accelerate our drug program focused on preventing inflammation in the lungs, kidneys and liver. Organ inflammation represents an unmet need in the medical world and is also a predictor of critical illness and mortality in COVID-19. A new medical treatment to block acute organ inflammation is urgently needed to improve patient outcomes and improve mortality rates. We look forward to working with the Government of Canada to develop a new drug treatment to improve the current standard of care for hospitalized COVID patients.”
– Mr. Richard Muruve, Chief Executive Officer, Arch Biopartners