MMRF awards $3 million under 2010 Biotech Investment Awards program

Jan 7 2011

The Multiple Myeloma Research Foundation (MMRF) today announced that it has awarded $1 million to each of three Boston-area biotech companies through its 2010 Biotech Investment Awards program: Constellation Pharmaceuticals, Inc., Epizyme, Inc. and Karyopharm Therapeutics, Inc. Since the inception of this MMRF program in 2006, $11 million has been committed to 11 biotech companies in multi-year, results-driven funding for the development of innovative treatments for patients with multiple myeloma.

“Constellation is committed to developing novel inhibitors of several epigenetic targets that play a role in multiple myeloma, and we are delighted to be working with the MMRF as we progress our compounds toward the clinic with the goal of providing new, safe and efficacious drugs to multiple myeloma patients”

The MMRF Biotech Investment Awards program has already seen impressive results with several new drugs advancing into clinical trials for patients including Astex's AT7519 and Intellikine's INK128 which are being studied through the Multiple Myeloma Research Consortium (MMRC), the MMRF's sister organization.

"Despite the amazing progress of the last decade, there remains a critical need for more effective treatments and new approaches to treat multiple myeloma as the survival rate for multiple myeloma remains one of the lowest of any cancer. These 2010 awards support our commitment to the next-generation of therapeutics for patients," said Louise M. Perkins, Ph.D., Chief Scientific Officer of the MMRF.

The 2010 MMRF Biotech Investment Awards support funding for two companies involved in the emerging area of epigenetic-based drug development, Constellation and Epizyme. The critical importance of epigenetic targets in both the development and potential treatment of multiple myeloma has become increasingly clear in recent years. In addition, Karyopharm is developing drugs that target crucial machinery of the cell involved in the nuclear import and export of key tumor suppressor and growth regulatory proteins in the cell, activating the body's own systems for eliminating tumor cells.

"Constellation is committed to developing novel inhibitors of several epigenetic targets that play a role in multiple myeloma, and we are delighted to be working with the MMRF as we progress our compounds toward the clinic with the goal of providing new, safe and efficacious drugs to multiple myeloma patients," said Mark A. Goldsmith, M.D., Ph.D., President and Chief Executive Officer of Constellation.

"This award from the MMRF provides Epizyme with another important source of funding to continue to advance the development of personalized therapies for patients with genetically defined cancers, including multiple myeloma," commented Robert J. Gould, Ph.D., President and Chief Executive Officer of Epizyme.

"The MMRF's commitment to supporting Karyopharm will make a tremendous difference in advancing our innovative drugs towards clinical trials and in building continued hope for patients," said Michael G. Kauffman, M.D., Ph.D., Chief Executive Officer of Karyopharm.