Neuropathix, Inc. Highlights Revenue Related to its Grant Award with NIH-NINDS
The three-year $2.97 million Phase 2 STTR Study Grant through the NIH HEAL Initiative (Helping End Addiction Long-term) is providing funding specifically in the Development of KLS-13019 for Neuropathic Pain
DOYLESTOWN, PA / ACCESSWIRE / May 25, 2022 / Neuropathix, Inc. ("Neuropathix" or the "Company") (OTCQB:NPTX), a socially responsible pain management life sciences company, announced today that it has reached an important milestone in the company's history.
"We achieved formal revenue recognition based upon our science. This is a significant milestone for the company and it will likely continue as we move forward under the NIH-NINDS grant into years two and three. While this revenue is attributable to the grant and not the source of product sales, when you examine the nature of the grant, it means that the U.S. Government and American citizens have a stake in our science. We believe that's the best customer a company can have. It doesn't hurt to have the U.S. Government backing your technology. Especially, when you look at the funding that was given to Johnson and Johnson, Pfizer, and Moderna in 2020 under project warp speed to develop vaccines for COVID-19. Here too, it was all based on the science. And well after the $1 billion in funding each received to attack the scourge of COVID-19, these companies continue to expand and receive revenue from the development of their drugs discovered via government granted funds. 'Follow the science' is the popular mantra. When NIH scientists reviewed our grant application for the use of KLS-13019 in chemotherapy induced neuropathic pain (CIPN), we received an exceptional score of 20. This speaks volumes to the science behind the score. And so goes the mantra of follow the science. We believe, before long, we will get the attention of large pharmaceutical companies looking to collaborate with us as we move towards the clinic and establish our technology as a leading edge non-opioid treatment for inflammation and neuropathic pain," said Dean Petkanas, CEO of Neuropathix.
The global neuropathic pain market was valued at US$ 6.3 billion in 2019 and is forecasted to reach US$ 9.8 billion by 2027 at a CAGR of 5.6% between 2020 and 2027. The increasing prevalence of cancer is expected to propel growth of the global neuropathic pain market over the forecasted period. The global opioids drug market is expected to reach US$ 31 billion by 2027, at a CAGR of 2.5% from the forecasted period of 2020-2027.
Research reported in this publication was supported by the National Institute Of Neurological Disorders And Stroke (NINDS) of the National Institutes of Health (NIH) under Award Number R42NS120548.
The content is solely the responsibility of the authors and does not necessarily represent the official views of the National Institutes of Health.
KLS-13019 is Neuropathix patented lead clinical compound for the potential treatment of a range of inflammatatory, neurodegenerative and neuropathic pain disorders, beginning with chemotherapy-induced peripheral neuropathy (CIPN). KLS-13019 is a monotherapeutic non-opioid cannabinoid derivative that has been shown to prevent and reverse neuropathic pain in pre-clinical animal studies. KLS-13019 has not been reviewed or approved for patient use by the U.S. Food and Drug Administration (FDA) or any other healthcare authority in the world. Its safety and efficacy have not been confirmed by FDA-approved research.
About Neuropathix, Inc.
Neuropathix is a biopharmaceutical company focused on the research and development of a pipeline of next generation, socially responsible pain management and neuroprotective therapeutics to treat patients with significant unmet medical needs. Over the past ten years, Neuropathix has discovered, developed, and patented a global intellectual property estate, led by its lead clinical target, KLS-13019, as novel, new therapeutic agents designed to prevent and reverse neuropathic pain, reduce oxidative stress, and act as anti-inflammatory neuroprotectants. The Company's family of patented monotherapeutic molecules focuses on treating oxidative stress-related diseases, chronic pain management, and neurodegenerative disorders. The therapeutic targets include chemotherapy-induced peripheral neuropathy (CIPN), a chronic neuropathy caused by toxic chemotherapeutic agents; hepatic encephalopathy (HE), a neurotoxic brain-liver disorder caused by excessive concentrations of ammonia and ethanol in the brain; mild traumatic brain injury (mTBI), a disorder associated with single and repetitive impact injuries; and chronic traumatic encephalopathy (CTE), a disease associated with highly repetitive impact injuries in professional and amateur sports. Neuropathix conducts its research and development efforts at the Pennsylvania Biotechnology Center of Bucks County in Doylestown, PA. For more information about Neuropathix, visit www.neuropathix.com and the Company's Twitter page at @neuropathix.
This press release may contain certain forward-looking statements and information, as defined within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and is subject to the Safe Harbor created by those sections. This press release contains statements about expected future events, the Company's business plan, plan of operations, the viability of the Company's drug candidates, the targeted beneficial effects of KLS-13019, the Company's position, and/or financial results that are forward-looking in nature and subject to risks and uncertainties. Such forward-looking statements, by definition, involve risks and uncertainties. The Company does not sell or distribute any products that are in violation of the United States Controlled Substances Act.
SOURCE: Neuropathix, Inc.
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