Panacela Labs wins $4.6M contract to develop anti-infective compounds
Xenomycins attack the DNA of pathogenic microbes. Preclinical studies showed the efficacy of the compounds against parasites and pathogenic fungi that cause infections such as aspergillosis and candidiasis, Genetic Engineering & Biotechnology News reports.
"We expect that the contract will enable us to accelerate our preclinical program and evaluate the potential application of xenomycins against life threatening infectious diseases," Dmitry Tyomkin, the CEO of Panacela Labs, said, according to Genetic Engineering & Biotechnology News.
The contract was issued under the Russian Federation's Pharma 2020 development initiative. It provides the company with matching funding over the course of approximately three years to support both preclinical and clinical studies.
Pharma 2020 is a Russian initiative to stimulate the growth of the country's biopharmaceutical industry to a five percent share of the global market by the year 2020.
Panacela Labs was founded in 2011. It is a joint venture between Cleveland BioLabs, which owns 54.8 percent of the company, and Rusnano, a Russian investor company. Other collaborators in the company include the Cleveland Clinic Foundation, the Children's Cancer Institute of Australia and the Roswell Park Cancer Institute, Genetic Engineering & Biotechnology News reports.