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LONDON (Alliance News) - Biopharmaceutical firm PureTech Health PLC said Wednesday that affiliate Alivio Therapeutics Inc secured funding for drug development.
PureTech said the grant, which was offered by the US Department of Defense, was worth USD3.3 million, and came in the form of a technology-therapeutic development award.
PureTech said that in line with its goal of developing medicines for dysfunctions of the brain-immune-gut axis, the funds will support preclinical development activities for product candidate ALV-107. This drug is being researched with a view to treating interstitial cystitis-bladder pain syndrome with Hunner's lesions.
"This grant provides further validation of the substantial opportunity to advance Alivio's inflammation-targeting technology as a new approach to address inflammatory diseases at the sites of inflammation and to potentially provide a new therapeutic option for diseases, such as interstitial cystitis, where there is a major unmet need," said Chief Scientific Officer Joseph Bolen.
PureTech shares were trading down 0.8% at 157.50 pence each on Wednesday.