SAN DIEGO, May 12 /PRNewswire/ -- NovaRx Corporation announced today that it has been awarded $2.2 million in funding from the National Institutes of Health (NIH) via a new SBIR grant. This grant will provide a portion of the capital needed for the company to conduct a pivotal Phase II/III clinical trial to test the company's proprietary therapeutic vaccine to treat brain cancer, and is payable over a four year period. The company plans to initiate the pivotal brain cancer trial in 2005. NovaRx is currently in active discussions with both private investors and corporate partners to secure additional capital to complete the development of both its brain and lung cancer treatments, and to advance a therapeutic vaccine to treat colorectal cancer into mid-late stage development.
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"We are extremely pleased that the therapeutic approaches to treating cancers that are being developed by NovaRx continue to be recognized by the NIH as being important enough to be awarded additional funding," said Habib Fakhrai, Ph.D., NovaRx's President and CEO.
NovaRx is currently conducting a multi-center Phase II clinical trial treating individuals with advanced stages of lung cancer. The therapeutic vaccine being tested consists of non-small cell lung cancer cell lines that have been genetically modified with technology called transforming growth factor-beta (TGF-Beta) antisense. TGF-Beta is a potent agent commonly produced by cancer cells that helps the cells hide from the immune system. TGF-Beta antisense is a technology that blocks the production of TGF-Beta by the cancer cells. NovaRx Corporation holds the exclusive worldwide license for this technology for the treatment and prevention of numerous cancers.
NovaRx Corporation is a biopharmaceutical company based in San Diego, California. The company is dedicated to developing new therapeutic approaches for treating cancer and is presently focused on lung cancer, which is responsible for approximately 170,000 deaths in the U.S. alone each year and is the number one cause of cancer death throughout the world, and brain cancer, which affects approximately 1 million individuals worldwide.
For more information on the company, please visit their website at http://www.novarx-pharma.com/
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CONTACT: Leanne Shawler of NovaRx, +1-858-638-0881