Noxopharm Ltd (ASX:NOX) has received a boost to research and development funding with a A$50,000 Innovation Connections Grant, which will contribute to the discovery of new therapies for the treatment of inflammatory diseases.
Innovation Connection Grants are awarded by the CSIRO as part of the Australian Government’s Entrepreneurs' Program, designed to drive business growth and competitiveness by supporting business improvement and research collaboration in targeted growth sectors, and the commercialisation of novel products, processes and services.
Collaboration-driven discovery
“We are strong believers in a collaborative approach to research and development, and engaging with leading experts in their fields,” Noxopharm CEO Dr Gisela Mautner said.
“This grant will help us continue our work with the outstanding scientists at UNSW. Our science-driven strategy means we are constantly exploring new ways to build our drug discovery pipeline and identify new molecules with significant potential for treating life-threatening diseases.
“We are grateful for the support we have received from UNSW and AusIndustry in putting this application together and also want to emphasise the importance of the Entrepreneurs’ Program for businesses like ours, especially regarding the identification of medical technologies and pharmaceuticals as a key growth area for the Australian economy.”
The grant, alongside additional funding from Noxopharm, will fully fund the work of a postdoctoral medicinal chemist under the supervision of Professor Naresh Kumar at the UNSW Sydney campus, to synthesise novel drug candidates and optimise their design.
“Finding new therapies for inflammatory diseases is a high priority for the research community, and this project will help support our work as we seek promising new drug candidates for further development,” Professor Kumar said.