The grant has been awarded by the Australian Department of Industry Innovation and Science (DIIS) to develop an anti-tropomyosin program, which is intended to provide potential new therapies for cancer.
This research is distinct from Novogen’s existing anti-tropomyosin program, ATM-3507 (Anisina), which is currently in preclinical development.
The award provides a cash grant of up to A$3 million over three years to a collaboration led by Novogen, together with the University of New South Wales (UNSW) and a privately-held contract research organization based in Sydney.
Under the conditions of the grant, Novogen has committed to contributing A$1 million over the three-year life of the project, and UNSW will contribute up to A$300,000, in addition to the A$3 million provided by DIIS under the terms of the grant.
Furthermore, the three parties will provide manpower and other in-kind resources to the project.
The grant remains subject to finalisation of contractual negotiations between the three parties and the Federal Government.
Novogen is listed on the ASX and the NASDAQ, and is well funded with a cash balance of US$25 million as at 30 June 2016.
The company has a well-diversified portfolio of oncology therapies, stretching from preclinical to mid-stage clinical.
Story by ProactiveInvestors