The National Centre for Research and Development Awards Orion Biotechnology With a Grant to Progress Development of a Treatment for Advanced Colorectal Cancer
OTTAWA, Ontario, April 22, 2019 /PRNewswire/ -- Orion Biotechnology Canada Ltd., a developer of novel medical treatments, today announced that its European subsidiary Orion Biotechnology Polska Sp. z.o.o. was awarded a grant of just under two million U.S. dollars by the Polish National Centre for Research and Development (NCBR). The grant will help co-fund a project to advance development of the company's innovative oncological drug candidate (OB-002O). Pre-clinical evaluation and a Phase 1 clinical trial are planned as part of the project.
OB-002O is a first-in-class chemokine analog drug candidate being testing by Orion Biotechnology for use in the treatment of solid tumors including colorectal cancer (CRC). The active agent in OB-002O is 5P12-RANTES, a CCR5 receptor antagonist, or chemokine analog, being developed by Orion Biotechnology for a range of clinical indications including cancer, neuroinflammation and HIV prevention.
"Our goal for OB-002O is to block the CCL5/CCR5 pathway which plays a critical role in cancer biology in order to inhibit tumor growth and metastasis," explained Ian McGowan, chief medical officer for Orion Biotechnology. "NCBR's financial support will help us to investigate the potential for OB-002O to treat late-stage cancers, including CRC, for which there is no effective treatment available today."
"OB-002O represents an exciting new class of drugs – chemokine analogues – that falls under the broad and promising category of immunotherapy," said Mark Groper, CEO of Orion Biotechnology. "We are very pleased that the National Centre for Research and Development has demonstrated confidence in our technology and company by providing this sizable investment."
About Orion Biotechnology Canada Ltd.
Orion Biotechnology Canada Ltd. is a privately held pharmaceutical company founded on the vision of radically improving the health of the global population through successful treatment and prevention of the most serious chronic illnesses and life-threatening diseases. Since 2011, Orion has been developing a robust pipeline of potential products based on novel formulations discovered in different parts of the world. Our close ties to diverse institutions and experts around the globe continue to stimulate the rapid discovery of promising new treatments. With operations in North America, Europe and Asia, Orion brings together innovative technologies from some of the world's leading research institutions, such as the Mintaka Research Foundation and the Center for Public Health Research at Nanjing University. Learn more at www.orionbiotechnology.com.
This press release contains forward-looking information, which reflects Orion's current expectations regarding future events. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Orion's control, that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. These forward-looking statements are made as of the date of this press release and, except as expressly required by applicable law, Orion assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
View original content to download multimedia:http://www.prnewswire.com/news-releases/the-national-centre-for-research-and-development-awards-orion-biotechnology-with-a-grant-to-progress-development-of-a-treatment-for-advanced-colorectal-cancer-300835902.html
SOURCE Orion Biotechnology Canada