BARCELONA, SPAIN and CAMBRIDGE, MA--(Marketwired - December 21, 2016) - Oryzon Genomics (MAD: ORY) (ISIN Code: ES0167733015), a public clinical-stage biopharmaceutical company leveraging epigenetics to develop therapies in diseases with strong unmet medical need, announced today that the Company will receive a new grant in the form of a loan with interest rate granted, from the Ministry of Economy and Competitiveness, Government of Spain and FEDER Funds from the European Union and included under the RETOS Collaboration 2016 program. Oryzon will receive approximately 0.8M USD (multiyear disbursements) for further development of its epigenetic inhibitors against inflammatory indications.
This grant (RTC-2016-4955-1) will cover the partial funding of a project entitled "Epigenetic regulation of the inflammatory response" that is currently being carried out under the leadership of Oryzon in collaboration with various well renowned academic institutions such as the Cajal Institute (National Spanish Research Council, CSIC, Madrid), the López Neira Institute (CSIC, Granada), Bosch i Gimpera Foundation (University of Barcelona) and the Autonomous University of Barcelona. The project has a 33 month duration, starting April 1, 2016 and ending December 31, 2018, and the aggregated budget of the project is approximately 1.3M USD. The public institutions will receive a non-reimbursable grant to develop different activities to assess the potential of Oryzon's drugs on inflammatory diseases for a total amount exceeding 0.4 M USD.
Carlos Buesa, President and Chief Executive Officer of Oryzon, commented: "This private-public consortium will set up useful tools and approaches to assess the therapeutic potential of LSD1 inhibitors and other epigenetic modulators in inflammatory and autoimmune diseases, a field that Oryzon is already exploring with ORY-2001, its first in class epigenetic program in Multiple Sclerosis. ORY-2001 is expected to finish Phase I in the next months."
Founded in 2000 in Barcelona, Spain, Oryzon (ISIN Code: ES0167733015) is a clinical stage biopharmaceutical company considered as the European champion in Epigenetics. The company has one of the strongest portfolios in the field and a clinical asset already partnered with Roche. Oryzon's LSD1 program is currently covered by +20 patent families and has rendered two compounds in clinical trials. In addition, Oryzon has ongoing programs for developing inhibitors against other epigenetic targets. The company has a strong technological platform for biomarker identification and performs biomarker and target validation for a variety of malignant and neurodegenerative diseases. Oryzon's strategy is to develop first in class compounds against novel epigenetic targets through Phase II clinical trials, at which point it is decided on a case-by-case basis to either keep the development in-house or to partner or out-license the compound for late stage development and commercialization. The company has offices in Barcelona and Cambridge, Massachusetts. For more information, visit www.oryzon.com.
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