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 â‚¬3.7m from the Italian governmentâ€™s Ministero dellâ€™ Istruzione, dellâ€™ UniversitÃ e della Ricerca, as part of a â‚¬5m grant for innovative r&d.
In 2008 Newron, headquartered in Bresso, near Milan, was awarded the â‚¬5m grant by the Ministry towards a â‚¬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: â€˜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.â€™
He added: â€˜This comes on the back of the private placement of â‚¬2.7m completed in late December 2010. Our operations are now funded well into 2012.â€™
Newron is undertaking phase III trials with safinamide for the treatment of Parkinsonâ€™s disease (PD) with its partner, Merck Serono, which has exclusive worldwide rights to develop, manufacture and commercialise the compound in PD, Alzheimerâ€™s disease, and other therapeutic applications.
Newron is currently evaluating the further clinical development of ralfinamide for pain and psychiatric diseases.