CAMBRIDGE, Mass., Nov. 5, 2010 /PRNewswire/ -- Pervasis Therapeutics, Inc. today announced that it has been awarded over $920,000 in grants through the U.S. government's Qualifying Therapeutic Discovery Project, which provides tax credits and grants to projects that show significant potential to produce new therapies, reduce long-term health care costs, or significantly advance the goal of curing cancer within the next 30 years.
Pervasis is a clinical stage company focused on developing breakthrough therapies with the potential to improve outcomes following common vascular surgical and interventional procedures, such as arteriovenous access, angioplasties, stents and peripheral and coronary bypass grafts—the failure of which result in serious complications and a significant increase in medical costs. There are no currently approved therapies that directly target the underlying physiological processes leading to serious vascular complications, including inflammation, thrombosis (the formation of a blood clot inside a blood vessel) and restenosis (the re-narrowing of a coronary artery after it has been treated with angioplasty or stenting).
Pervasis' therapies harness the power of the endothelium, the thin layer of cells that lines the interior surface of blood vessels, which has a well-understood role in regulating many of the body's healing processes, including vascular repair. Because these endothelial formulations secrete several key factors involved in combating inflammation and restenosis, they may also be applicable to other therapeutic fields where surgical or interventional procedures are required, including inflammatory disease, orthopedic injury and cancer.
The grants awarded to Pervasis span several therapeutic fields for which the company's therapies have application including:
"The awarding of these grants validates our belief that our breakthrough therapies offer fundamentally new approaches to improving outcomes for vascular surgical and interventional procedures, as well as the potential to address unmet needs associated with several other critical disease areas, such as cancer," said Frederic Chereau, president and chief executive officer of Pervasis. "We look forward to continuing our research and development of these important therapies in order to bring them to patients as quickly as possible."
A Phase I/II study is currently underway in France to evaluate PVS-10200, an investigational new drug under development by Pervasis to prevent restenosis in patients with peripheral arterial disease who undergo an angioplasty and stent procedure in the superficial femoral artery. The company's most advanced program, Vascugel®, has demonstrated proof of concept and safety in two Phase 2 trials in patients undergoing arteriovenous access procedures for hemodialysis. Earlier this year, Pervasis announced that it had reached an agreement with the U.S. Food and Drug Administration (FDA) for its Phase 3 clinical trial of Vascugel under the FDA's Special Protocol Assessment (SPA) procedure. Through the SPA procedure, FDA formalized its agreement that the design of the Phase 3 trial was acceptable to support a regulatory submission seeking new drug approval.
The Qualifying Therapeutic Discovery Project, established under section 48D of the Internal Revenue Code, is a $1 billion fund, available to firms with no more than 250 employees. The credit or grant covers up to 50 percent of the cost of qualifying biomedical research.
About Pervasis Pervasis Therapeutics, Inc. is a clinical stage company developing a broad portfolio of biologically active therapeutics. Building on its deep understanding of the specialized role that endothelium plays in regulating natural healing and repair processes associated with disease, Pervasis is advancing groundbreaking new therapies to dramatically improve the outcomes of common vascular interventions, such as arteriovenous access, angioplasties, stents, and peripheral and coronary bypass grafts – the failure of which result in serious complications and a significant increase in medical costs. The company's most advanced program, Vascugel®, has demonstrated proof of concept and safety in two Phase 2 trials in patients undergoing arteriovenous access procedures for hemodialysis. Pervasis is also applying its platform technology to develop products in therapeutic areas beyond vascular disease, including inflammatory disease, orthopedic injury and cancer.
Pervasis is a privately held company with funding from Flagship Ventures, Polaris Venture Partners, Highland Capital Partners and the Richter Family Fund. For more information, please visit www.pervasistx.com.
This news release contains certain forward-looking statements that involve risks and uncertainties. Such statements are only predictions and the company's actual results may differ materially from those anticipated in these forward-looking statements. Factors that may cause such differences include the timing of clinical trials, the risk that products that appeared promising in early research and clinical trials do not demonstrate safety or efficacy in clinical trials and the risk that the company will not obtain approval to market its products. Company Contact: Margaret O'Toole Pervasis Therapeutics, Inc. 617-871-1201 email@example.comMedia Contact: Liz Falcone Feinstein Kean Healthcare firstname.lastname@example.org
|SOURCE Pervasis Therapeutics, Inc.|
Copyright©2010 PR Newswire.
All rights reserved