Argenica Therapeutic (ASX:AGN) receives $1.2m grant for traumatic brain injury project

• Argenica Therapeutics (AGN) receives a $1.2 million grant from the Australian Federal Government for traumatic brain injury (TBI) preclinical research
• The cash was awarded under the Cooperative Research Centre Project program, which matches funding for projects
• The project will see Argenica test the efficacy of its ARG-007 drug in preclinical animal models with mild repeated and moderate TBI
• Argenica, along with its collaboration partners, will be required to make up the remaining $1.5 million of the $2.7 million project
• AGN shares were up 4.49 per cent, trading at 46.5 cents at 11:40 am AEDT

Argenica Therapeutics (AGN) has been awarded a $1.2 million grant from the Australian Federal Government for traumatic brain injury (TBI) preclinical research.

The funding was awarded under the Cooperative Research Centre Project program (CRC-P) and will go towards Argenica testing the efficacy of its ARG-007 drug in preclinical animal models of mild repeated and moderate TBI.

The project will be undertaken in collaboration with Curtin University in Perth, the University of Adelaide, peptide manufacturer AusPep, and Connectivity Traumatic Brain Injury Australia.

The project will build on previous preclinical studies showing ARG-007 reduces damage to neuron axonal injury and promotes brain cell proliferation following severe TBI.

The total cost of the project will be around $2.7 million, with Argenica and its project collaborators providing the remaining $1.5 million in addition to the grant from the CRC-P program which provides matched funding.

The $1.5 million is planned to be made up from salary, cash and in-kind contributions.

All intellectual property and commercialisation rights will remain solely with Argenica.

AGN shares were up 4.49 per cent, trading at 46.5 cents at 11:40 am AEDT.