The Multiple Myeloma Research Foundation (MMRF) today announced that two
San Diego area biotech firms, Intellikine and Tragara Pharmaceuticals,
Inc. will receive funding via its MMRF Biotech Investment Award program.
The MMRF Biotech Investment Awards represent a multi-year research grant
commitment to fund the early-stage drug development of novel compounds
and approaches that show potential in treating multiple myeloma. Based
on the companies' achievement of clearly defined milestones, the MMRF
will commit a total of $1,000,000 to each company by the end of 2011.
“With the support of the MMRF, both financially and through their
network of experts, Tragara will be able to broaden TG02 research and
development in myeloma with the hope of bringing new agents to patients
more quickly”
According to a recent PricewaterhouseCoopers/National Venture Capital
Association/ MoneyTree™ Report, venture capital investments in 2009
reached their lowest levels since 1997 and biotech investing declined by
19%. "Funding for pre-clinical and early-stage clinical research is so
limited right now, that companies may choose to walk away from pursuing
development of new therapies for multiple myeloma. Through targeted
funding via the MMRF Biotech Investment Award, the MMRF is able to
fulfill our commitment to patients by motivating the development of
promising drugs," said Louise M. Perkins, Ph.D., Chief Scientific
Officer of the MMRF.
These MMRF Biotech Investment Awards will support the early development
of two novel treatments: Intellikine's INK128, a novel orally available
small molecule inhibitor of the TORC1/2 complexes, key components of the
PI3K/mTOR signaling pathway; and Tragara Pharmaceuticals' TG02, an oral
multi-kinase inhibitor that targets the important cyclin-dependent
kinases (CDKs) and the major signaling pathways involving JAK2, ERK5 and
Flt3.
"Preclinical studies have demonstrated that INK128 has the potential for
efficacy in myeloma," said Troy Wilson, Ph.D., J.D., President and CEO
of Intellikine. "We are thrilled to receive this grant from the MMRF as
it will accelerate the development of our proprietary TORC1/2 inhibitor
against this terrible disease."
"With the support of the MMRF, both financially and through their
network of experts, Tragara will be able to broaden TG02 research and
development in myeloma with the hope of bringing new agents to patients
more quickly," said Thomas M. Estok, President and CEO of Tragara
Pharmaceuticals.
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