AlgiPharma secures 22 MNOK in non-dilutive funding for development of its antimicrobial alginate oligosaccharide technology, with the goal to enhance fighting multidrug resistance.
AlgiPharma has been awarded up to NOK 16 million from the Norwegian Research Councils Innovation Project for the Industrial Sector program for the project “Therapeutic Alginates for Resistant and Recurrent Infections: Generating Eradication Therapies (TARRGET)”. The project grant awarded from the Research Council combined with the Norwegian government tax incentive scheme (SkatteFUNN) results in a total award value for AlgiPharma of about NOK 22 million (about EUR 2.2 MM / USD 2.5 MM).
The project will last for 3 years and will involve the development of new product candidates based on its proprietary alginate oligosaccharide technology to enhance the properties of antimicrobial therapeutics. The project is expected to improve the bioavailability and efficacy of therapeutics to their target sites, allowing for improved dosing regimens for the patient, while also reducing the potential for drug toxicity, resistance, and tolerance. The project will provide AlgiPharma with novel candidates for pharmaceutical and biomedical uses, while also contributing to the stimulation of new market opportunities.
About AlgiPharma AS:
AlgiPharma AS is a clinical stage pharmaceutical company, founded in 2006 on decades of research and development carried out by FMC BioPolymer AS and the Institute of Biotechnology at the Norwegian University of Science and Technology (NTNU) in Trondheim, Norway. AlgiPharma has completed 5 clinical trials with two formulations of its lead drug candidate, OligoG, to treat respiratory symptoms of cystic fibrosis.
AlgiPharma owns or licenses all relevant patents upon which the technology platform and products are developed. The company is supported by national and international research programs, and collaborates with a network of key opinion leaders, highly recognized academic institutions, research and patient organizations in Europe and USA.
AlgiPharma has received more than USD 46 million in research and development grants from EU’s 7th framework program, Horizon 2020, and Eurostars programs, the Norwegian Research Council, Innovate UK, US Army through Congressional Earmark funding, and the Cystic Fibrosis Foundation (CFF).
AlgiPharma is a privately owned company registered and domiciled in Norway.
For additional information contact:
Yngvar P. Berg, CEO: email@example.com
Arne Dessen, COO and Chairman of the Board: firstname.lastname@example.org