Neumedicines Inc. Receives Approximately $5 Million in Research & Development Funding
Biomedical Advanced Research and Development Authority (BARDA) exercises milestone-based options for the development of HemaMax.
PASADENA, CA, October 1, 2009 – Neumedicines Inc. today announced that the Biomedical Advanced Research and Development Authority (BARDA) of the Department of Health and Human Services (DHHS) exercised the first and second milestone-based options related to the Company's existing contract with BARDA to develop Neumedicines’ lead therapeutic, HemaMax™, as a treatment for acute radiation exposure. The milestone-based options are valued at $4.9 million, bringing the total funding provided thus far by BARDA to $8 million. The total contract award including the base contract and options is projected to yield over $13 million for the development of HemaMax™ as a radiomitigator.
Funds under this option will be used to support GMP manufacturing and efficacy studies in non-human primates as part of the Investigational New Drug (IND) application with the U.S. Food and Drug Administration (FDA). Performance under the BARDA contract is expected to fund research and development culminating in a first-in-human Phase I clinical trial for HemaMax™ in 2011.
Lena A. Basile, Ph.D., J.D., President & Director of Research & Development of Neumedicines Inc., stated, "We are very excited about furthering the clinical development of HemaMax under these options elected by BARDA, as we believe that HemaMax™ will become an important drug for radiomitigation and many other clinical indications in hematology and oncology."
About HemaMax™ The therapeutic under development by Neumedicines Inc., HemaMax™, is based on rHuIL-12 (Recombinant Human Interleukin–12). Scientists from Neumedicines Inc. discovered the previously unknown hematological properties of IL-12 by demonstrating the potent survival effects of single, low dose IL-12 on hematopoietic recovery following lethal radiation. HemaMax™ is a new therapeutic that can be administered in low doses to achieve potent radiomitigation effects. Neumedicines Inc. has to date proven that HemaMax™ can increase survivability by 90% in mice administered HemaMax™ in single, low doses 24 hours after lethal radiation exposure.
About BARDA - The Biomedical Advanced Research and Development Authority (BARDA), within the Office of the Assistant Secretary for Preparedness and Response in the U.S. Department of Health and Human Services, provides an integrated, systematic approach to the development and purchase of the necessary vaccines, drugs, therapies, and diagnostic tools for public health medical emergencies.
BARDA manages Project BioShield, which includes the procurement and advanced development of medical countermeasures for chemical, biological, radiological, and nuclear agents, as well as the advanced development and procurement of medical countermeasures for pandemic influenza and other emerging infectious diseases that fall outside the auspices of Project BioShield. In addition, BARDA manages the Public Health Emergency Countermeasures Enterprise (PHEMCE).
Neumedicines, Inc. was founded in 2003 as a start-up company from the University of Southern California (USC) and is exclusively engaged in research and development of both prophylactics and therapeutics based on Interleukin-12 (IL-12) (HemaMax™), for the mitigation and reversal of radiological (myeloablative) and myelosuppressive effects on the human hematopoietic system. In animal tumor models, HemaMax™ has been shown to be effective in restoring hematopoiesis following either radiation or chemotherapy. Thus, clinical applications for HemaMax™ are also being pursued in hematology and oncology.
Richard Leon, Director of Communications