VITEAVA PHARMACEUTICALS ANNOUNCES RESEARCH AGREEMENT WITH MCGILL UNIVERSITY AND LEVERAGING OF FEDERAL GRANTS
TORONTO, Jan. 28, 2014 /PRNewswire-iReach/ — Viteava Pharmaceuticals Inc. announced the execution of a sponsored research agreement with McGill University relating to novel analogs and derivatives of the green tea flavonoid, (-)epigallocatechin-3-gallate (EGCG). Matching funds have been received from the Canadian Institutes of Health Research Proof of Principle – Phase II (CIHR POPII) program. Professor Tak-Hang Chan of McGill University is the Principal Investigator with collaboration from Viteava Pharmaceuticals, as well as Professor Q. Ping Dou of Wayne State University and the Karmanos Cancer Institute. Professor Chan was the only successful recipient of funding under the Fall 2011 competition of the CIHR POPII program.
“Competitive grants such as the CIHR POPII program provide important validation for the potential importance of this class of drug candidates, and represent a source of funding that is a life-line for start-up companies,” said Robert Foldes, Viteava’s founder and CEO.
This research agreement focuses on the preclinical development of VPE001, a proprietary prodrug of EGCG, as well as additional characterization in animal models of cancer. The funding will also be used to characterize and optimize the synthesis of two back-up drug candidates. “We are grateful to CIHR for their support, as this funding is critical for helping us to advance VPE001 much closer to initiating human clinical studies,” said Professor Chan.
Viteava also announced funding support from VentureStart (http://venturestart.riccentre.ca/), a program that provides services and matching funds for qualified entrepreneurs in southern Ontario. Coordinated by the RIC Centre, VentureStart received $7.5 million through Federal Economic Development Agency for Southern Ontario (FedDev Ontario). The program is delivered by the regional innovation centres in the Ontario Network of Entrepreneurs (ONE). Through this program, Viteava also receives business support and mentoring through an executive in residence at MaRS (http://www.marsdd.com/).
About Viteava Pharmaceuticals Inc.
Viteava is a start-up drug development company dedicated to improving the treatment and management of cancer and related conditions to enhance quality of life. It is a world leader in the chemistry and biology of small molecule analogs and derivatives related to the green tea flavonoid, (-)epigallocatechin-3-gallate (EGCG). Its mission is to leverage the growing body of positive human clinical data with green tea extracts, to develop novel chemical entities with enhanced potency and bioavailability, ideally suited to early intervention in the treatment and management of cancer and related conditions. It has identified VPE001, a prodrug of EGCG with improved bioavailability and potency, as its lead drug candidate expected to enter clinical development in 2015. Initial clinical indications may include the treatment of symptomatic uterine fibroids and/or delaying the progression of cancer in high-risk patients.
For more information visit: http://www.viteava.com.
Media Contact: Robert Foldes, Viteava Pharmaceuticals Inc., 416-817-0745, firstname.lastname@example.org
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SOURCE Viteava Pharmaceuticals Inc.