Nuevolution receives research grant and enters collaboration on development of new tailored cancer therapeutics
Stockholm, 2 December 2016. Nuevolution AB (publ) (NUE.ST), a leading small molecule drug discovery biotech company, today announced that it has received a three-year grant, in accordance with the details below, from Innovation Fund Denmark together with professor Kristian Helin, Biotech Research and Innovation Center (BRIC) at University of Copenhagen, to pursue discovery and development of therapeutics directed towards specific cancer types for which there is no efficient treatment today.
The three-year project has a budget of DKK 24.4 million (SEK 32.2 million) and Innovation Fund Denmark contributes with DKK 16.4 million (SEK 21.6 million) in financial support to the involved parties. Nuevolution will contribute with in-kind investments and is to receive up to DKK 5.2 million (SEK 6.8 million) in funding over the project period. The funding is only guaranteed if the project is not terminated prematurely, which in turn depends on the progress of the project. Furthermore, Nuevolution will have the lead in commercializing the results from the project.
The grant from the Innovation Fund Denmark has been awarded in acknowledgement of the unique and complementary competencies represented by Nuevolution and professor Helin’s research group. The Helin Group is a renowned world class research laboratory within epigenetic enzymes, a class of enzymes often associated with the development and progression of cancer.
Together, Nuevolution and the Helin research group will address the identification of therapeutic small molecules for NSD proteins (histone methyltransferase enzymes), a group of proteins that is observed to be hyper-activated in specific cancers such as e.g. multiple myeloma, acute myeloid leukemia and acute lymphatic leukemia. Although these proteins represent some of the best validated epigenetic cancer targets, no small molecule drugs have yet been identified. The joint research project aims to change this.
The well characterized association of NSD proteins with very specific and highly deadly cancers will ideally lead to the development of therapies applicable in personalized treatment for such cancers.
Professor Kristian Helin comments, “I am very happy for the funding we have received from the Innovation Fund Denmark making it possible to work together with a world leading biotech company like Nuevolution. Without this funding it would not have been possible.”
“We are thrilled about this new collaboration with Kristian Helin and his research group, a recognized world leading capacity within cancer research and histone methyl transferases” says Thomas Franch, Nuevolution’s Chief Scientific Officer, and continues “Nuevolution seeks to realize personalized medicine within cancer therapy and the collaboration with professor Helin and his group has exactly this scope.”
For more information, please contact:
Thomas Franch, CSO
Phone: +45 3913 0922
Henrik D. Simonsen, CFO
Phone: +45 3913 0947
Nuevolution AB (publ) is a leading small molecule drug discovery biotech company founded in 2001, headquartered in Copenhagen, Denmark. Nuevolution partners its proprietary discovery platform and programs with pharmaceutical and biotechnology companies to seek future benefit of patients in need of novel medical treatment options. Nuevolution’s internal programs are focused on therapeutically important targets within inflammation, oncology and immuno-oncology.
This information is information that Nuevolution AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Market Act. The information was sent for publication, through the agency of the contact persons set out above, on Friday 2 December 2016, 13:30 (CET).
Nuevolution AB (publ) is listed at Nasdaq First North Premier in Stockholm, Sweden (ticker: NUE.ST). Redeye AB acts as Certified Adviser to Nuevolution AB (publ). More information about Nuevolution can be found on: www.nuevolution.com