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Cryptome Pharmaceuticals Pty. Ltd. Receives START Grant Approval For $3.9M Anti-Thrombotic Drug Development Project
10/19/2005 5:10:26 PM
Protein-focused drug discovery company, Cryptome Pharmaceuticals Ltd (ASX: CRP), announced today that development work on its lead drug candidate, the anti-coagulant CR001, will be boosted by a $1.95 million AusIndustry R&D START grant.
The grant will fund up to 50 per cent of a $3.9 million project to test the efficacy and validate the safety of CR001, a naturally occurring peptide, as an effective alternative to current thrombosis drugs, all of which have shortcomings and some potentially life threatening side effects. The project, which is expected to be completed in early 2006, will include animal studies and other development activities up to and including application to the Therapeutic Goods Administration (TGA) for approval for a Phase I human clinical trial.
Federal Industry Minister, Ian Macfarlane, today congratulated Cryptome Pharmaceuticals on being awarded the R&D Start grant and highlighted the project's tremendous potential return to Australia.
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