- Clinical-stage biotechnology company PharmAust (PAA) receives over $201,000 under the first instalment payment from FightMND for its Phase 1 motor neuron disease trial
- The company has received more than $881,000 to examine the effects of monepantel in MND, also known as Lou Gehrig Syndrome or Amyotrophic Lateral Sclerosis (ALS)
- PharmAust recently completed the manufacture of current Good Manufacturing Practice (cGMP) grade MPL, achieving the first milestone for the first instalment payment
- Further, the company appoints Alithia Life Sciences to manage the Phase 1 trial, and is fully funded through the Drug Development grant awarded by FightMND
- PAA shares are up 2.25 per cent, trading at 9.2 cents
Clinical-stage biotechnology company PharmAust (PAA) has received over $201,000 under the first instalment payment from FightMND for its Phase 1 motor neuron disease (MND) trial.
It had received a commitment from FightMND for $881,085 for a Phase 1 trial examining the effects of monepantel (MPL) in MND, otherwise known as Lou Gehrig Syndrome or Amyotrophic Lateral Sclerosis (ALS).
PharmAust had recently completed manufacture of current Good Manufacturing Practice (cGMP) grade MPL, achieving the first milestone for the first instalment payment.
The second instalment of $99,230 is payable after the completion of the one-month GMP accelerated stability study of the newly prepared MPL tablets which is currently underway.
The third instalment of $173,034.80 is payable upon commencement of the trial.
The company has also appointed Alithia Life Sciences to manage the Phase 1 trial, and is fully funded through the Drug Development grant awarded by FightMND.
Alithia will provide project and site management and support of the planned study due to
commence in May this year.
The late May trial start date remains on track with tablet manufacture completed and stability data pending.
PAA shares were up 2.25 per cent, trading at 9.1 cents as of 12:02 pm AEST.