NeOnc Technologies Secures $2.5 Million NIH Grant for Cancer Therapy
NeOnc Technologies Achieves Milestone with NIH Grants
NeOnc Technologies Holdings, Inc. (NASDAQ: NTHI), based in Calabasas, California, is making waves in the biotechnology sector by securing two NIH STTR (Small Business Technology Transfer) grants worth $2.5 million. This financial backing represents a pivotal opportunity to further develop NEO212, a promising therapeutic compound currently in Phase 1 clinical trials aimed at tackling central nervous system malignancies.
Details of the NIH Funding
The first grant, amounting to $400,000, will support preclinical feasibility studies focused on NEO212's effectiveness against acute myelogenous leukemia (AML). Leading the effort is Dr. Thomas Chen, the Principal Investigator (PI) at NeOnc, with Dr. Axel H. Schönthal overseeing the academic research at the university's Glioma Research Group.
The second grant, significantly larger at $2.1 million, is targeted at advancing NEO212's clinical development into newly diagnosed gliomas, thereby highlighting the compound’s expansive oncologic potential. In this project, Dr. Chen again serves as the PI with Dr. Radu Minea directing the USC component.
Strategic Importance of the Grants
These notable NIH grants come as NeOnc approaches a crucial end-of-Phase 1 milestone for NEO212. This marking signals a turning point in the company's journey toward initiating Phase 2 trials and potentially engaging with regulatory authorities. Dr. Chen shared his thoughts on this achievement, stating, "This funding is not just financial support, but a validation of our commitment to pioneering less toxic therapies for patients in need. After over 30 years as a brain and spine oncologic surgeon, I have seen firsthand the critical demand for novel treatments. This grant underscores the dedication of our research team and our capability to translate innovative science into tangible outcomes for patients."
Collaborative Advantages of the STTR Mechanism
The STTR funding mechanism promotes collaborative efforts between NeOnc and leading academic institutions, with each grant structured to allocate 40% of the funding to NeOnc Technologies, while 60% is directed towards their USC research collaboration partners. This synergy aims to speed up advancements through shared expertise, enhancing the research environment.
This recent funding augments NeOnc’s trajectory of clinical and translational progress, as the company works on innovative treatments for glioblastoma, leukemia, and other conditions that currently lack satisfactory solutions.
ABOUT NEONC TECHNOLOGIES HOLDINGS, INC.
NeOnc Technologies Holdings, Inc. is at the forefront of developing and commercializing therapeutics targeting central nervous system disorders. Their proprietary NEO™ drug development platform is recognized for producing a robust portfolio of innovative drug candidates coupled with delivery methods, all protected by patents extending to 2038. These agents have shown promise in laboratory and clinical settings treating malignancies such as gliomas and leukemia. With both NEO100™ and NEO212™ in Phase II human clinical trials and progressing under FDA Fast-Track and Investigational New Drug (IND) status, NeOnc operates on a solid foundation of scientific advancement. Furthermore, the company holds exclusive rights to a comprehensive patent portfolio licensed from the University of Southern California, which encompasses numerous therapeutic applications across oncological and neurological fields.
Frequently Asked Questions
What are the key objectives of the NIH grants awarded to NeOnc?
The NIH grants aim to support the development of the NEO212 compound, focusing on its effectiveness against AML and newly diagnosed gliomas.
Who is leading the research efforts for these grants?
Dr. Thomas Chen is the Principal Investigator for NeOnc, collaborating with prominent researchers such as Dr. Axel H. Schönthal and Dr. Radu Minea.
How does NeOnc Technologies plan to utilize these funds?
The funds will be allocated towards preclinical studies and further clinical development of NEO212, advancing its potential to treat severe cancers.
What significance does reaching the end-of-Phase 1 milestone hold?
This milestone is crucial as it determines readiness for progressing to Phase 2 trials and engaging with regulatory bodies concerning future market approvals.
What types of cancers are being targeted by NeOnc's NEO212?
NEO212 is designed to target central nervous system cancers, specifically gliomas and acute myelogenous leukemia (AML).
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