Magnolia bags a $20M CPRIT grant to back trial work on new drug; Evotec lines up a new partner on rare genetic diseases
→ Just days after lining up its Series A launch round of $31 million, Magnolia Neurosciences says that its wholly owned subsidiary won a $19.95 million grant from the Cancer Prevention and Research Institute of Texas to fund work on a new drug that prevents side effects triggered by chemotherapy. The company plans to launch a Phase I trial next year with enough grant money in hand to get through Phase IIa.
→ Austin-based Forbius has received a $18.8 million grant from the Cancer Prevention and Research Institute of Texas to rev up clinical development of its anti-EGFR antibody-drug conjugate in three cancer indications. While the funding is meant to support AVID100 through Phase IIa, it will also cover additional preclinical and translational research, manufacturing and personnel costs. The trials, targeting breast cancer, squamous cell carcinoma of the head and neck, and non-small cell lung cancer, are slated to begin later this year.
→ Germany’s Centogene is allying with Evotec on a lineup of new drugs for rare genetic conditions. Evotec CSO Cord Dohrmann commented: “The collaboration between Evotec and CENTOGENE is focused on developing iPSC-based patient-derived disease models and suitable biomarkers for rare genetic diseases. A perfect match between highly complementary platforms and companies with the potential to open a new chapter in the translatability of pre-clinical discovery efforts into clinic benefits.”