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Arrowhead Research Corporation (NASDAQ: ARWR) today announced that its portfolio companies, Calando Pharmaceuticals, Inc. and Nanotope, Inc., have been awarded cash grants totaling $490,000 ($245,000 each) under the U.S. Government's Qualifying Therapeutic Discovery Project ("QTDP") program.
Commenting on the awards, Dr. Christopher Anzalone, Arrowhead's President and Chief Executive Officer, stated, "The QTDP grants will help fund Calando's ongoing Phase I trial for CALAA-01, a leading siRNA therapeutic targeting cancer, and Nanotope's regenerative compounds that promote healing for spinal cord and other tissues. The approval process for the awards was very competitive and we are pleased that our therapeutic programs have been recognized."
Calando is a clinical stage nanobiotechnology company at the forefront of RNAi therapeutics, developing nanoparticle therapeutics that use patented sugar (cyclodextrin) -based polymer technologies as a drug delivery system for siRNA. Engineered to reduce the debilitating effects of cancer treatment, Calando's proprietary molecules are designed to improve the safety and efficacy of cancer therapeutics using siRNA as the active ingredient. The target-agnostic platform technology has the potential to be applied to a wide range of diseases beyond cancer, as well as to therapeutic classes beyond siRNA therapeutics. CALAA-01, Calando's leading drug candidate, is a combination of Calando's delivery system and a patented siRNA targeting the M2 subunit of ribonucleotide reductase, a clinically-validated cancer target. Ribonucleotide reductase catalyzes the conversion of ribonucleosides to deoxyribonucleosides and is necessary for DNA synthesis and replication. It is a critical component in the proliferation of cancer cells. Calando's siRNA and CALAA-01 have demonstrated potent anti-proliferative activity across multiple types of cancer cells.
Nanotope is a regenerative medicine company that leverages a platform technology to address multiple therapeutic markets. It is developing a suite of products, each customized to regenerate specific tissues: including neuronal, vascular, cartilage, bone, and myocardial. Products are injectable compounds that work with surviving cells in and around the point of injury to initiate and support regeneration. Once regeneration is complete, the compounds are safely broken down and removed by the body. Nanotope's lead candidates, shown to be effective in multiple animal models, target: (i) spinal cord regeneration for the reversal of paralysis; (ii) reversal of neuronal regeneration associated with Parkinson's disease; (iii) cartilage regeneration; and (iv) advanced wound healing. Nanotope entered into a partnership with Smith & Nephew in October 2010 to commercialize its cartilage regeneration.
The Qualifying Therapeutic Discovery Project program targeted therapeutic discovery projects that showed a reasonable potential to:
* Result in new therapies to treat areas of unmet medical need or prevent, detect or treat chronic or acute diseases and conditions,
* Reduce the long-term growth of health care costs in the United States, or
* Significantly advance the goal of curing cancer within 30 years.
The program also took into consideration which projects showed the greatest potential to create and sustain high-quality, high-paying U.S. jobs and to advance U.S. competitiveness in life, biological and medical sciences.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995:
This news release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements are based upon our current expectations and speak only as of the date hereof. Our actual results may differ materially and adversely from those expressed in any forward-looking statements as a result of various factors and uncertainties, including the current state of the economy, capital resources available to us, the future success of our scientific studies, our ability to successfully develop products, rapid technological change in our markets, changes in demand for our future products, legislative, regulatory and competitive developments and general economic conditions. Our most recent Annual Report on Form 10-K, as amended, and subsequent Quarterly Reports on Form 10-Q and other SEC filings discuss some of the important risk factors that may affect our business, results of operations and financial condition, including the risks relating to the development of new drug candidates. We disclaim any intent to revise or update publicly any forward-looking statements for any reason.
About Arrowhead Research Corporation
Arrowhead Research Corporation (NASDAQ: ARWR) is a nanotechnology company commercializing new technologies in the areas of life sciences, electronics, and energy. Arrowhead is seeking to build value for shareholders through the progress of majority owned subsidiaries. Currently, Arrowhead has four subsidiaries commercializing nanotech products and applications and minority investments in two privately held nanobiotech companies.
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