MELBOURNE, Australia, March 27, 2013 /PRNewswire/ --
Spinifex Pharmaceuticals, an Australian pain drug development company, today announces it has received an approximately AUS$1.5 million R&D tax incentives cash refund for research activities relating to the discovery of new drugs for the treatment and management of pain. The R&D Incentive Program is an annual scheme, jointly administered by AusIndustry and the Australian Taxation Office, which enables Spinifex to apply for it in subsequent years.
The funds will be reinvested in further clinical development of the Company's lead candidate, EMA401, an AT2 receptor antagonist for the treatment of chronic pain, including neuropathic pain. Spinifex reported positive results of its Phase 2 study of EMA401 in post-herpetic neuralgia (PHN) in Q3 of last year, and more recently initiated a Phase 2 proof-of-concept study in chemotherapy-induced peripheral neuropathy (CIPN).
The market for neuropathic pain treatments is expected to continue to increase and is projected to reach US$6.2 billion by 2017. Despite being a large and growing market, current therapy for chronic and neuropathic pain needs to be improved as a significant proportion of patients don't respond to current therapy and these treatments have dose-limiting side effects. As a result, EMA401 is being developed as a potential first-in-class oral treatment for chronic pain, including neuropathic pain, without central nervous system side effects.
Spinifex Pharmaceuticals CEO Tom McCarthy said: "This payment under the R&D tax incentive program is a good example of how Government initiatives can support innovative companies in the biotechnology industry and other sectors. These additional funds are welcome and we look forward to their contributing to our continued clinical development of EMA401 for the treatment of chronic and neuropathic pain ind
|SOURCE Spinifex Pharmaceuticals|
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