SEATTLE, Aug. 19 /PRNewswire/ -- Sound Pharmaceuticals (SPI) has received a $2.1 million research and development award from the Office of Naval Research, Science and Technology Division. This new funding will expand the ongoing development of SPI-1005 in to other areas of sensorineural hearing loss. SPI-1005, an oral form of a glutathione peroxidase mimic, is currently being tested in a Ph-II clinical trial aimed to protect and treat blast exposed active duty personnel in the Dept. of Defense. This contract marks the third award from the ONR to SPI since 2005, bringing the total level of ONR funding to $5 million.
According to two recent studies conducted by Clarity and The Ear Foundation, approximately 50% of the 76 million Baby Boomers in the U.S. are experiencing some degree of hearing loss. These findings suggest that hearing loss has become the leading chronic disease or disorder in adults aged 45-64. In addition, approximately 25% of the hearing impaired, felt that they had reduced success at work and in earning potential. Currently there are no FDA approved drugs for the prevention and treatment of hearing loss. SPI hopes to address this unmet medical need with its first in class first in indication drug.
SOURCE Sound Pharmaceuticals
CONTACT: Jonathan Kil, MD, President and CEO of Sound Pharmaceuticals,
Web site: http://www.soundpharmaceuticals.com/