Biotech receives award from DOD; Regulators accept Appili Therapeutics' NDA
EuMentis Therapeutics, a Boston-based biotech, has been handed an award from the US Department of Defense.
The $3 million award will be used by EuMentis to work on a small molecule for traumatic brain injury that aims to target the N-methyl-D-aspartate receptor. Specifically, the biotech will study three antagonists to evaluate TBI in an animal study this year. That study will be done in collaboration with a professor at the University of Pennsylvania.
After the preclinical study finishes, EuMentis will plan to advance the candidate is selected into a Phase I trial next year. So far, the company has netted over $11 million in funding from the private sector and government.
“Currently there are no approved therapeutics for traumatic brain injury, which impact hundreds of thousands of Americans annually and leads to significant disability and death. The Department of Defense recognizes the need for new therapeutic approaches for this urgent public health concern, and we are thrilled to receive their support in this competitive area,” said EuMentis CEO Mark Tepper in a release.
FDA accepts the NDA For Penny Stock’s candidate
Canadian biotech Appili Therapeutics will have a date US regulators later this year.
On Wednesday, the penny stock announced the FDA accepted an NDA for a program called ATI-1501. The drug is a liquid oral form of the antibiotic metronidazole, which had been licensed to Saptalis Pharmaceuticals. The decision date is Sept 23.
The antibiotic itself is already used to treat bacterial infections, but the current form, according to Appili’s release, had a bitter taste and current dosage forms are hard for some patients to swallow. Appili’s formulation is designed to be more of a convenient option for patients needing the antibiotic.
“Appili is working with Saptalis on supporting the review process and responding to questions posed by the FDA. Approval of ATI-1501 will provide a convenient treatment option for those suffering devastating infections that are unable to take the current metronidazole tablet treatment,” said Appili president and CEO Don Cilla in a release.
Appili currently finds its share price $APLIF well into the penny stock zone and trading at 38 cents per share as of Wednesday morning.
BPGBio acquires all assets of a Boston-based biotech
Arriving onto the scene, BPG Bio has acquired most of the assets of another biotech.
In an announcement, BPG Bio stated that it snapped up all the assets of BERG, a Boston-based company that was using AI to map disease and has added BERG’s assets to its pipeline. BERG was the namesake of Carl Berg, an investor and venture capitalist.
BPGBio said in its announcement that it plans to accelerate the development of several assets that belonged to BERG but did not give any financial information for the acquisition.
Niven Narain, the former CEO of BERG, has also been appointed the CEO and president of BPGbio. The senior leadership from BERG has also been brought over to the new biotech as well.
“The incoming commercial infrastructure will fuel a focus on advancing our lead assets with key partners across industry, government and academia,” Narain said in a release sent to Endpoints News.
BPG has several drugs in its pipeline that aim to treat Pancreatic Cancer, Glioblastoma, and Epidermolysis Bullosa, among others. The biotech also aims to expand to the west coast and across the Atlantic to the UK.
Editors Note: A correction has been made to the spelling of Niven Narain’s name.