TORONTO, March 23, 2023 (GLOBE NEWSWIRE) -- Today, Arch Biopartners Inc., (“Arch” or the “Company”) (TSX Venture: ARCH and OTCQB: ACHFF), a clinical stage company focused on the development of novel therapeutics targeting organ inflammation, announced that Arch is receiving advisory services and up to $4,000,000 in funding from the National Research Council of Canada Industrial Research Assistance Program (“NRC IRAP”) to support the research and development of the LSALT peptide (Metablok) program. LSALT peptide is the Company’s lead drug candidate for treating acute inflammation injury in the lungs, kidneys and liver.
The research and development funding from NRC IRAP will help support several sub-tasks needed to advance the LSALT peptide drug program. These include: dose escalation studies; costs incurred by Arch during the Canadian Treatments for COVID-19 Phase III human trial; manufacturing new drug product supply to support future non-COVID human trials; the non-COVID Phase II trials (such as a cardiac surgery associated acute kidney injury trial) to gather more human data to support future drug approval; and, additional non-clinical studies to discover potential biomarkers and to further understand the mechanism of action related to LSALT peptide.
Quote from Richard Muruve, CEO of Arch Biopartners:
“We appreciate this support from NRC IRAP as we continue to develop LSALT Peptide as a treatment for inflammation injury in the lungs, kidneys and liver. This project funding will enable Arch to complete several important drug development tasks in the next twelve months.”
The term of the Project extends to March 31, 2024.
About Arch Biopartners
Arch Biopartners Inc. is a clinical stage company focused on the development of innovative technologies that have the potential to make a significant medical or commercial impact. Arch Biopartners is developing a pipeline of new drug candidates that inhibit inflammation in the lungs, liver, and kidneys via the dipeptidase-1 (DPEP-1) pathway, relevant for multiple medical indications.
For more information on Arch Biopartners, its technologies and other public documents Arch has filed on SEDAR, please visit www.archbiopartners.com
The Company has 62,398,825 common shares outstanding.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of applicable Canadian securities laws regarding expectations of our future performance, liquidity and capital resources, as well as the ongoing clinical development of our drug candidates targeting the dipeptidase-1 (DPEP-1) pathway, including the outcome of our clinical trials relating to LSALT Peptide (Metablok), the successful commercialization and marketing of our drug candidates, whether we will receive, and the timing and costs of obtaining, regulatory approvals in Canada, the United States, Europe and other countries, our ability to raise capital to fund our business plans, the efficacy of our drug candidates compared to the drug candidates developed by our competitors, our ability to retain and attract key management personnel, and the breadth of, and our ability to protect, our intellectual property portfolio. These statements are based on management’s current expectations and beliefs, including certain factors and assumptions, as described in our most recent annual audited financial statements and related management discussion and analysis under the heading “Business Risks and Uncertainties”. As a result of these risks and uncertainties, or other unknown risks and uncertainties, our actual results may differ materially from those contained in any forward-looking statements. The words “believe”, “may”, “plan”, “will”, “estimate”, “continue”, “anticipate”, “intend”, “expect” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. We undertake no obligation to update forward-looking statements, except as required by law. Additional information relating to Arch Biopartners Inc., including our most recent annual audited financial statements, is available by accessing the Canadian Securities Administrators’ System for Electronic Document Analysis and Retrieval (“SEDAR”) website at www.sedar.com .
The science and medical contents of this release have been approved by the Company’s Chief Science Officer
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release
