Feinstein Institute Receives $223,979 Small Business Technology Transfer Award In Partnership With Traverse Biosciences

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MANHASSET, N.Y., July 29, 2014 (GLOBE NEWSWIRE) -- The Feinstein Institute for Medical Research, in partnership with Traverse Biosciences, has secured a $223,979 Phase I Small Business Technology Transfer (STTR) award from the National Institute on Aging (NIA), part of the National Institutes of Health (NIH). The award will be used to evaluate the effectiveness of the Traverse Biosciences' drug candidate, TRB-N0224, for the treatment of osteoarthritis (OA). The research will be led by Daniel A. Grande, PhD, director of the Orthopaedic Research Laboratory at the Feinstein Institute.

"With support from this award, we will be conducting research that will focus not only on the alleviation of the symptoms of osteoarthritis, but also on the regeneration and protection of affected cartilage and joints," said Dr. Grande. "Our team is very pleased to collaborate with Traverse Biosciences in an effort to develop a new treatment for both animals and people who suffer from osteoarthritis."

OA is the most common form of musculoskeletal disease, affecting approximately 27 million Americans, and it is a leading cause of disability worldwide. OA is characterized by the breakdown of a joint's cartilage and underlying bone, with the knee, hip, hand, spine and foot being most susceptible. OA is also prevalent in companion animals, causing pain and impacting the mobility of cats, dogs and horses, particularly as they age.

"We are working to successfully commercialize TRB-N0224 as an FDA-approved pharmaceutical intervention for the treatment of OA in both humans and companion animals, and we intend to aggressively pursue pre-clinical and clinical development to demonstrate the safety and efficacy of this lead drug candidate," said Joseph Scaduto, MS, MBA, founder and president of Traverse Biosciences.

"The highly competitive Small Business Technology Transfer program provides critical funding to emerging bioscience companies to pursue innovative research with the potential to impact human health and society," said Kevin Tracey, MD, president & CEO of the Feinstein Institute. "The Feinstein Institute is well-positioned to partner with Traverse Biosciences to utilize these funds to achieve commercially-relevant technical milestones, and to help drive TRB-N0224 towards market."

About The Feinstein Institute for Medical Research

Headquartered in Manhasset, NY, The Feinstein Institute for Medical Research is home to international scientific leaders in many areas including Parkinson's disease, Alzheimer's disease, psychiatric disorders, rheumatoid arthritis, lupus, sepsis, human genetics, pulmonary hypertension, leukemia, neuroimmunology, and medicinal chemistry. The Feinstein Institute, part of the North Shore-LIJ Health System, ranks in the top 6th percentile of all National Institutes of Health grants awarded to research centers.

About Traverse Biosciences

Traverse Biosciences is a privately-held emerging bioscience company launched to commercialize a proprietary pipeline of drug candidates to treat inflammatory diseases and age-related conditions affecting humans and companion animals. The company's lead compound, TRB-N0224, is envisioned as the first FDA-approved, once-daily, edible prescription medication for the prevention of canine periodontal disease.

CONTACT: Emily Ng 516-562-2670 eng3@nshs.edu

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