OncoArendi Therapeutics receives over 22 mln financing

 to take its lead compound to Phase II clinical trials as a first-in-class therapy of asthma.

The National Center for Research and Development (NCBR) announced results of its evaluation of project proposals submitted to the May call within the Priority I of the Smart Development Operational Program 2014-2020, Activity 1.1. “Enterprise R/D projects”, Action 1.1.1 „Industrial research and development for enterprises”. Among 179 proposals submitted to this call, 34 were recommended for funding. Ranked third among all proposals was OncoArendi’s project entitled “Preclinical research and clinical trials of a first-in-class development candidate in therapy of asthma and inflammatory bowel disease.” This project is a key component of the OncoArendi strategic research area of development of anti-inflammatory small molecule therapies based on the chitinase family of targets (the so-called Chitinase Platform). OncoArendi has received over 22 mln PLN co-financing from European Funds for the project with a budget of 30 mln PLN (approx. 8 mln USD). This funding should allow the company to advance development of the new AMCase inhibitor up to Phase II clinical trials.