The Victorian Government has granted Noxopharm (ASX:NOX) collaborator Hudson Institute of Medical Research a grant of $1.45 million to fund the joint development program of novel anti-inflammatory compounds.
Noxopharm's wholly-owned subsidiary, Victoria-registered Pharmorage, is named on the grant as the collaborator that will design and synthesise the compounds with a view of commercialising any promising drug candidates generated by the research.
The research aims to identify novel drug compounds that dampen harmful excessive inflammation associated with COVID-19 infection.
Should any identified drug candidates show promise of broader inflammatory indications it is anticipated that Noxopharm will investigate their commercial and scientific potential.
CEO Dr Gisela Mautner said, "Noxopharm has built a network of collaborators spanning world-renowned academic and government institutions, including Hudson Institute. We are excited the collaboration with Hudson Institute is attracting this level of non-dilutive funding. We look forward to progressing our work in inflammatory diseases with them."
The research is set to commence shortly and will continue for approximately two years.
