Propanc receives $1.2m to fast track preclinical studies
The investment will help the company implement GMP (Good Manufacturing Practice) manufacturing and prepare for future patient trials of PRP – a novel, patented suppository formulation of proteolytic proenzymes.
According to the company, additional preclinical activities supported by this investment include, completion of a 28 day animal safety toxicology study and development of bioanalytical methods for animals and humans in order to assess the movement of the drug within the body.
"We are grateful for the ongoing support of our institutional investor providing the additional funds to undertake these important development activities for PRP in the lead up to patient trials," said James Nathanielsz, Executive Chairman, Propanc.
"These funds provide a real vote of confidence and belief in the Company, its products and team to deliver on some very important milestones in the Company's relatively young history. We have a great team behind us who are very enthusiastic about our program and its potential to reduce the threat of metastatic cancer in aggressive tumor types.”
Propanc has received nearly $3.6m from the institutional investor since the Securities Purchase Agreement, Debenture and Warrant was completed on October 28, 2015.
Fast tracked
At the end of April the company will participate in a scientific advice meeting with the MHRA (Medicines and Healthcare Products Regulatory Agency). Following this meeting, the company will make a commitment to submit applications for orphan drug designation in the US and EU for pancreatic and ovarian cancers. The company hopes to file an application for PRP later this year.
The company also reports that it is currently collecting results from its recent 14 day dose range finding study in rats. The results will help determine appropriate dosing levels for the 28 day toxicology study.
Additionally, according to the company “the data will be incorporated into the submission for the MHRA in order to discuss the next stage of development activities, which could lead into early stage patient trials in 2016, or first quarter 2017.”
