ChitogenX Inc (CSE:CHGX, OTCQB:CHNXF) said it has obtained, in partnership with Polytechnique Montréal, a $3,472,000 grant from The Natural Sciences and Engineering Research Council of Canada (NSERC) and Prima Québec.
The company said the four-year grant will be used to advance scientific development, expand the scope of indications, develop new biomaterials for regenerative medicine and accelerate the commercial readiness of its flagship ORTHO-R technology platform.
"We are honored to receive funds from such prestigious organisations to accelerate the development of our proprietary technology platform,” ChitogenX CEO Philippe Deschamps said in a statement. “Regenerative medicine is a fast-growing sector, and these funds will help us position ChitogenX at the forefront of this dynamic sector.”
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In the first year of the grant period, ChitogenX said it will focus on the science that will enhance the potential applications of its ORTHO-R technology to the regenerative medicine industry such as delivering other biological products.
The ORTHO-R technology platform, invented at Polytechnique Montréal, was acquired in 2015 by ChitogenX, and the two entities have since closely collaborated to pursue its development, the company explained.
"We look forward to our continued strong collaboration with Polytechnique Montréal and advancing scientific innovations for the greater good," added Deschamps.
NSERC funds visionaries, explorers and innovators who are searching for scientific and technical breakthroughs that will benefit our country.
PRIMA Québec is an advanced materials research and innovation hub that supports and promotes the advanced materials ecosystem and acts as an engine of innovation and growth in Quebec.
Established in 1873, Polytechnique Montréal is one of Canada's largest engineering education and research universities and is located on the Université de Montréal campus – North America's largest Francophone university campus.
ChitogenX is a clinical-stage regenerative medicine company dedicated to the development of novel therapeutic tissue repair technologies to improve tissue healing. The company is committed to the clinical development of its proprietary ORTHO-R technology platform, a mucoadhesive CHITOSAN-based biopolymer matrix, specifically designed to deliver biologics such as platelet-rich plasma (PRP) or bone marrow aspirate concentrate (BMAC), to enhance healing in various Regenerative Medicine Applications.
Other formulations are being developed to leverage the technology's performance characteristics such as tissue adhesion, pliability, and ability to deliver biologics or therapeutics to various tissues damaged by trauma or disease.
Contact the author at stephen.gunnion@proactiveinvestors.com