Newron receives €3.7m r&d grant
Will fund r&d into CNS treatments well into 2012
Newron Pharmaceuticals, an Italian research and development company focused on novel CNS and pain therapies, has received €3.7m from the Italian government’s Ministero dell’ Istruzione, dell’ Università e della Ricerca, as part of a €5m grant for innovative r&d.
In 2008 Newron, headquartered in Bresso, near Milan, was awarded the €5m grant by the Ministry towards a €5.3m r&d programme ongoing at the company. The grant supports the research and identification of novel compounds for the treatment of CNS diseases.
About 40% of the grant is non-reimbursable. The rest commands interest of 0.5% each year and is required to be fully repaid within 10 years of the grant date.
Luca Benatti, chief executive of Newron, said: ‘This significant reimbursement for our r&d further strengthens our cash position and validates our continuous effort in searching for innovative Ion channel molecules for CNS diseases.’
He added: ‘This comes on the back of the private placement of €2.7m completed in late December 2010. Our operations are now funded well into 2012.’
Newron is undertaking phase III trials with safinamide for the treatment of Parkinson’s disease (PD) with its partner, Merck Serono, which has exclusive worldwide rights to develop, manufacture and commercialise the compound in PD, Alzheimer’s disease, and other therapeutic applications.
Newron is currently evaluating the further clinical development of ralfinamide for pain and psychiatric diseases.