The National Center for Research and Development (NCBR) announced results of its evaluation of project proposals submitted to the May call within the Priority I of the Smart Development Operational Program 2014-2020, Activity 1.1. “Enterprise R/D projects”, Action 1.1.1 „Industrial research and development for enterprises”. Among 179 proposals submitted to this call, 34 were recommended for funding. Ranked third among all proposals was OncoArendi’s project entitled “Preclinical research and clinical trials of a first-in-class development candidate in therapy of asthma and inflammatory bowel disease.” This project is a key component of the OncoArendi strategic research area of development of anti-inflammatory small molecule therapies based on the chitinase family of targets (the so-called Chitinase Platform). OncoArendi has received over 22 mln PLN co-financing from European Funds for the project with a budget of 30 mln PLN (approx. 8 mln USD). This funding should allow the company to advance development of the new AMCase inhibitor up to Phase II clinical trials.
OncoArendi Therapeutics in a project co-financed from the European Funds under the Innovative Economy Operational Programme has progressed the earlier work to show in vivo efficacy of AMCase Inhibitors in two different animal models of human asthma. Having secured over $3M in public and private funding for continuing this work, OncoArendi Therapeutics plans to identify a development candidate within the next 6 months and progress its development to IND submission and Phase I clinical trials by early 2017. In its research and development activities OncoArendi continues to collaborate with the groups of Prof. Jack A. Elias at Brown University and of Prof. Jakub Golab at the Medical University of Warsaw.
OncoArendi is a dynamically growing biotechnological company, which develops innovative anti-inflammatory and antitumor drugs with unique mechanisms of actions. Twelve million PLN obtained from Series A investors, with Michał Sołowow as leading investor, will allow the company to work on its key programmes for the next three years: potential asthma therapy and a group of new compounds stimulating the anti-tumour response of the human immune system. About 4 million Poles and 300 million people worldwide suffer from asthma with more and more children developing the disease. Currently used steroid therapies have severe side effects. At the same time every year cancer is diagnosed in more than 14 million patients and it remains the most frequent cause of death worldwide. In Poland both cancer incidents and death rate are the highest among European Union countries.
Apart from the company’s unique research programs and world leading position in the area of inhibitors of proteins called chitinases, investors were attracted to OncoArendi by its team of top medicinal chemists with many years of experience in pharmaceutical and biotechnology companies in the US, outstanding molecular biologists and successful managers with experience leading high-technology companies to IPO. Crucial for the investors was also The financial support, which the Company received from NCBR, was also important for investors, because it significantly lowers the risk of long term investment in scientific research.
OncoArendi is the first biotech investment for Michał Sołowow. This sector still developing in Poland. Financing research aimed at developing innovative drugs is very risky, but if successful, the potential return on investment may be great. Acquisitions of New drug candidates, which have already entered clinical trials, may be acquired by global pharmaceutical companies for hundreds of millions of dollars.
Investors and OncoArendi have joined forces to deliver to patients more effective and safer drugs than presently available therapies, along with company growth and substantial economic return.
The aim of this project is to develop a conceptually novel therapeutic approach in cancer treatment – small molecule immune-modulators to knock-down the ability of tumors to escape immune surveillance.
The project was ranked second among twelve proposals recommended for funding and a total of one hundred and nine evaluated project proposals.
The consortium partners include Medical University of Warsaw, Nencki Institute of Experimental Biology, Institute of Biochemistry and Biophysics, International Institute of Molecular and Cell Biology, commercial partners – Nanovelos Ltd, Scanmed Hospital of St. Rafael, as well as subcontractors – Military Institute of Medicine, Oxford University, Weatherall Institute of Molecular Medicine.
On June 2, 2014 OncoArendi received another grant for IP protection.
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with one of the top 10 U.S. Universities for the development of inhibitors of new, validated biological targets for the treatment of anti-inflammatory diseases. Further details of this agreement cannot be disclosed at this time.
through emission and acquisition of new shares, a total of 3.5 million PLN (approx. 1.1 million USD). Proceeds from this round will be used to supplement public financing in two ongoing discovery programs and launch a third program for the development of anti-inflammatory drug candidates.