IP Group plc (LSE: IPO) (“IP Group” or “the Company” or “the Group”), the developer of intellectual property based businesses, is delighted to note that Modern Biosciences plc (“Modern Biosciences”) has announced that it has been awarded a grant of up to £2.4 million by the UK government-backed Biomedical Catalyst.
The award will provide support for Modern Biosciences’ lead programme for the development of novel bone-protective compounds in the treatment of rheumatoid arthritis (“RA”).
RA is a severe, crippling inflammatory disease which causes progressive joint and bone erosion and eventual disability. MBS’ compounds act by an entirely novel mechanism of action to target both the inflammatory component of RA and its associated bone destruction. This has the potential to not only protect the joints of RA sufferers from further damage but to reverse existing damage.
The Biomedical Catalyst, launched in 2011, is a programme of public funding designed to deliver growth to the UK life sciences sector. Today’s award to MBS will help fund the clinical development of a candidate molecule through Phase 1 clinical studies and provide evidence from patients for the drug’s efficacy and safety. This represents the second award of a Biomedical Catalyst grant to MBS in relation to the RA programme, the first of which was announced in 2012.
Dr Sam Williams, Chief Executive Officer of Modern Biosciences, said: “We are delighted to be offered a second award by the Biomedical Catalyst and we are grateful to the UK’s innovation agency, Innovate UK, for its support. Our first Biomedical Catalyst award allowed us to take our rheumatoid arthritis programme to a point at which we can enter clinical studies, and this further award will now enable us to demonstrate the utility of the drugs in patients. Without this funding, our programme would never have progressed to this critical stage.”
Modern Biosciences was established to source late-stage discovery projects from academia, conduct early proof-of-principle clinical studies and out-license the resulting programmes to the pharmaceutical industry. IP Group holds an undiluted beneficial interest of 61.1% in Modern Biosciences and, as a result, its income and expenses are consolidated into those of the Group.
For more information, please contact:
IP Group plc
www.ipgroupplc.com
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The award will provide support for Modern Biosciences’ lead programme for the development of novel bone-protective compounds in the treatment of rheumatoid arthritis (“RA”).
RA is a severe, crippling inflammatory disease which causes progressive joint and bone erosion and eventual disability. MBS’ compounds act by an entirely novel mechanism of action to target both the inflammatory component of RA and its associated bone destruction. This has the potential to not only protect the joints of RA sufferers from further damage but to reverse existing damage.
The Biomedical Catalyst, launched in 2011, is a programme of public funding designed to deliver growth to the UK life sciences sector. Today’s award to MBS will help fund the clinical development of a candidate molecule through Phase 1 clinical studies and provide evidence from patients for the drug’s efficacy and safety. This represents the second award of a Biomedical Catalyst grant to MBS in relation to the RA programme, the first of which was announced in 2012.
Dr Sam Williams, Chief Executive Officer of Modern Biosciences, said: “We are delighted to be offered a second award by the Biomedical Catalyst and we are grateful to the UK’s innovation agency, Innovate UK, for its support. Our first Biomedical Catalyst award allowed us to take our rheumatoid arthritis programme to a point at which we can enter clinical studies, and this further award will now enable us to demonstrate the utility of the drugs in patients. Without this funding, our programme would never have progressed to this critical stage.”
Modern Biosciences was established to source late-stage discovery projects from academia, conduct early proof-of-principle clinical studies and out-license the resulting programmes to the pharmaceutical industry. IP Group holds an undiluted beneficial interest of 61.1% in Modern Biosciences and, as a result, its income and expenses are consolidated into those of the Group.
For more information, please contact:
IP Group plc
www.ipgroupplc.com
Help employers find you! Check out all the jobs and post your resume.
