Amplia Therapeutics Ltd (ASX:ATX) plans to accelerate work on its second Focal Adhesion Kinase (FAK) inhibitor, a treatment for cancer and fibrosis, having secured a non-dilutive funding facility from the Victorian Government.
This facility is part of the government’s R&D Cash Flow Loan Initiative, administered by Invest Victoria, and will provide a maximum of A$2.1 million, to be awarded in two tranches: A$1.3 million in December 2021 and A$800,000 in the coming March quarter.
The company will use the funds to accelerate work on its second Focal Adhesion Kinase (FAK) inhibitor, AMP886. Specifically, it will assess new therapeutic opportunities and prepare to initiate preclinical activities designed to support future clinical trials of AMP886.
It also plans to expand the scope of further studies of the antifibrotic potential of AMP945.
The cash will drive the company’s 2022 R&D expenditure and adds to the R&D rebate Amplia received for the 2021 financial year.
“The first Phase 2 clinical study of our leading FAK inhibitor AMP945 is funded and about to commence,” Amplia CEO and managing director Dr John Lambert said.
“This loan allows us to kick-start work on a second asset, AMP886, earlier and more aggressively than originally planned. We are very grateful to Invest Victoria for its support.”
About the Victorian loan scheme
The state government scheme is designed to support innovative Victorian small to medium enterprises investing in research and development activity to develop products, services and technologies deemed vital to the state’s future economy.
It offers low-interest loans of A$0.25-4.0 million on up to 80% of a company’s forecasted Research and Development Tax Incentive (RDTI) rebate for the financial year.
Interest on facility advances is variable at the 'TCV 11am' loan interest rate, currently 0.265%.
Repayments are timed to coincide with receipt of the next year’s tax offset, expected by October 31, 2023, ut may be repaid earlier, and the loan is secured by the RDTI refund for 2022 and 2023.
About Amplia Therapeutics
The Australian pharmaceutical company is advancing a pipeline of Focal Adhesion Kinase (FAK) inhibitors for cancer and fibrosis.
FAK is an increasingly important target in cancer and fibrosis treatment. Amplia has a development focus in fibrotic cancers such as pancreatic and ovarian cancer. The company is also researching the potential of its FAK inhibitors in pulmonary fibrosis.