Q BioMed Announces $7.5M Grant Benefiting its Preclinical Product Development Pipeline
NEW YORK, Nov. 5, 2019 /PRNewswire/ -- Q BioMed Inc. (OTCQB: QBIO), a commercial stage biotech company, announced today that its technology partner, Mannin, has received a $7.5M grant from the German state of Saxony. Mannin is a research-stage biotechnology company focused on the discovery, development, and commercialization of therapeutics for vascular diseases. It was founded in July 2012 and is led by President and CEO, Dr. George Nikopoulos. Q BioMed and Mannin have been partners since 2015.
The overall objective of the grant is to fund the development of novel pharmaceuticals and biologic treatments for glaucoma. There have been few innovations in glaucoma drug development in recent history and glaucoma remains a leading cause of blindness in Europe. More innovation and solutions are required to address the unmet needs of more than 12 million Europeans who suffer from this disease.
The approval of the grant means that Q BioMed and Mannin can significantly accelerate the development of these therapeutics. Denis Corin, CEO of Q BioMed, said of the grant, "We are thrilled that we will be able to speed the development of these promising therapeutics and bring new innovation to glaucoma patients as soon as possible. Our partnership with Mannin and now, the government of Saxony is important to the advancement of this unique drug platform and we look forward to supporting the build-out of the Mannin European headquarters in Leipzig."
Mannin is leveraging two distinct modes of action to reduce the intraocular pressure that causes glaucoma, utilizing different routes of administration and dosing regimens. Mannin is currently working on the preclinical development of a small molecule pharmaceutical eye-drop as well as a novel recombinant protein injectable biologic. This approach increases the probability of success of developing a new therapy that is optimized for the needs of glaucoma patients. Additionally, Mannin is exploring other therapeutic opportunities using these molecules for vascular diseases.
George Nikopoulos, President and CEO of Mannin, stated, "We are very encouraged by the confidence and enthusiasm the government of Saxony has shown in our research, and we are committed to making accelerated progress through their investment."
Q BioMed and Mannin intend to announce further details regarding the research program later this year.
About Q BioMed Inc.
Q BioMed Inc. is a biotech acceleration and commercial stage company. We are focused on licensing and acquiring undervalued biomedical assets in the healthcare sector. Q BioMed is dedicated to providing these target assets; strategic resources, developmental support, and expansion capital to ensure they meet their developmental potential, enabling them to provide products to patients in need.
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