JAMESBURG, N.J., Nov. 9, 2010 /PRNewswire/ -- Phytomedics, Inc., a transformational healthcare company developing a novel portfolio of drugs and consumer products solely derived from plant sources, announced today that it has been awarded a grant in the amount of $244,000 under the Qualifying Therapeutic Discovery Project (QTDP) Program to advance the development of its lead product PMI-001 for Rheumatoid Arthritis. PMI-001 is presently in Phase 2b/3 development.
Dr. Laurie Smaldone, Phytomedics President & CEO, commented: "We are very appreciative of the recognition and support provided by this award which we believe affirms that PMI-001 has the potential to address the significant unmet medical needs in Rheumatoid Arthritis."
The QTDP grant program provides support for innovative projects that are determined by the U.S. Department of Health and Human Services to have reasonable potential to result in a new therapy, reduce health care costs, or significantly advance the goal of curing cancer.
PMI-001 is a novel, oral, disease-modifying, botanical drug for use in patients with Rheumatoid Arthritis (RA). Three U.S. based, clinical trials, including a recently published and compelling 6 month Phase 2b/3 study, have demonstrated efficacy in the range of the intravenous biologic therapies, as a stand-alone therapy in reducing signs and symptoms of RA at all American College of Rheumatology (ACR) endpoints with rapid onset of action (as early as 2 weeks), and the ability to halt joint erosions and narrowing (at 6 months), with an acceptable side effect profile.
Combined with the fact that this drug product is delivered as an oral dosage form, and behaves as a steroid-mimetic without corticosteroid side effects, makes PMI-001 a game changing therapeutic opportunity in RA, as well as in the wider autoimmune disease therapeutic category.
Phytomedics, Inc. is a transformational healthcare company developing a novel portfolio of drugs and consumer products solely derived from plant sources. Through its proprietary technology platform, the Company has produced a broad pipeline of lead product candidates, several of which are in clinical development. The company's lead candidate, PMI-001, is a novel, oral, disease modifying anti-rheumatic drug currently being developed as a natural pharmaceutical alternative in rheumatoid arthritis therapy.
|SOURCE Phytomedics, Inc.|
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