Polyphor AG announced the extension of its existing grant agreement with CARB-X, a global partnership led by Boston University dedicated to supporting the development of antibacterial products to diagnose, prevent and treat drug-resistant infections.
ALLSCHWIL, Switzerland, Dec. 11, 2020 (GLOBE NEWSWIRE) -- Polyphor AG (SIX: POLN) today announced the extension of its existing grant agreement with CARB-X (Combating Antibiotic-Resistant Bacteria Biopharmaceutical Accelerator), a global partnership led by Boston University dedicated to supporting the development of antibacterial products to diagnose, prevent and treat drug-resistant infections. The grant will support the development of Polyphor’s novel OMPTA (Outer Membrane Protein Targeting Antibiotics) BamA program. The OMPTA-BamA program addresses the deadliest and most resistant Gram-negative bacterial pathogens, potentially active against all three critical priority 1 pathogens in the World Health Organization (WHO) list.
Under the extension of the 2019 agreement, CARB-X is committing to Polyphor additional funding of up to USD 2.3 million, bringing potential funding for this contractual stage to USD 5.1 million. Polyphor may also receive up to USD 13 million in future option stages that could take the program through a first-in-human program if certain project milestones are met.
“We are delighted to extend our partnership with CARB-X on our OMPTA-BamA program, which has the potential to be a major breakthrough in addressing carbapenem resistance potentially covering all WHO priority 1 pathogens”, said Gokhan Batur, Chief Executive Officer of Polyphor. “This is another important endorsement of Polyphor’s OMPTA program, following the award by CARB-X in October for our OMPTA Thanatin Derivatives program.”
Polyphor’s novel OMPTA antibiotics target the highest priority Gram-negative ESKAPE pathogens (Klebsiella pneumoniae, Acinetobacter baumannii, Pseudomonas aeruginosa), which are the leading cause of severe and often deadly infections throughout the world, such as bloodstream infections, urinary tract infections and pneumonia. Importantly, this new class of antibiotics is active against strains which have become resistant to most commonly used antibiotics including the “last resort workhorse” carbapenems.
For further information please contact:
For Investors:
| Hernan Levett Chief Financial Officer Polyphor Ltd. +41 61 567 16 00 IR@polyphor.com | Mary-Ann Chang LifeSci Advisors Tel: +44 7483 284 853 mchang@lifesciadvisors.com |
For Media:
| Bernhard Schmid LifeSci Advisors +41 44 447 12 21 bschmid@lifesciadvisors.com |
About Polyphor
Polyphor is a research-driven clinical-stage, Swiss biopharmaceutical company committed to discovering and developing best-in-class molecules in oncology and antimicrobial resistance leveraging the company’s leading macrocyclic peptide technology platform. Polyphor is advancing balixafortide (POL6326) in a Phase III trial in combination with eribulin in patients with advanced breast cancer and exploring its potential in other cancer indications. In addition, it has discovered and is developing the Outer Membrane Protein Targeting Antibiotics (OMPTA). OMPTA are potentially the first new class of antibiotics in clinical development in the last 50 years against Gram-negative bacteria. The company’s lead OMPTA program is an inhaled formulation of murepavadin for the treatment of Pseudomonas aeruginosa infections in patients with cystic fibrosis. Polyphor is based in Allschwil near Basel and is listed on the SIX Swiss Exchange (SIX: POLN). For more information, please visit www.polyphor.com.
Disclaimer
This press release contains forward-looking statements which are based on current assumptions and forecasts of the Polyphor management. Known and unknown risks, uncertainties, and other factors could lead to material differences between the forward-looking statements made here and the actual development, in particular Polyphor’s results, financial situation, and performance. Readers are cautioned not to put undue reliance on forward-looking statements, which speak only of the date of this communication. Polyphor disclaims any intention or obligation to update and revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Research reported in this news release is supported by CARB-X. CARB-X’s funding for this project is sponsored by the Cooperative Agreement Number IDSEP160030 from ASPR/BARDA and by an award from Wellcome Trust. The content is solely the responsibility of the authors and does not necessarily represent the official views of CARB-X or any of its funders.
