NanoMedex To Receive NIH Grant

NanoMedex Pharmaceuticals (NanoMedex) was notified that it will be awarded a $2.23m Small Business Innovation Research (SBIR) Phase II Continuing Renewal grant from the National Institutes of Health (NIH). The grant will provide funding for NanoMedex to complete clinical development of its first product, Microfol, and file for the drug’s approval with the FDA.

The SBIR award will further our efforts to bring Microfol to market and, we believe, demonstrates continuing NIH support for our formulation technology that may be applied to other drugs. NanoMedex now has the resources to focus on building a pipeline of proprietary products.”

NanoMedex proprietary pharmaceutical formulation strategies, initially developed by scientists at the University of Florida, Gainesville, and exclusively licensed from the University of Florida Research Foundation provide a method to have fat soluble pharmaceutical products be dissolved in water or saline based solutions to ease administration.

David Cooper, president and CEO of NanoMedex, said: “Microfol is a version of propofol that employs a microemulsion technology developed by NanoMedex to offer important advantages to the medical community, particularly in the areas of safety and cost.

“We intend to explore additional drug formulations for the microemulsion applications which will allow these drugs to be administered intravenously in a hospital environment. Both patients and health care providers tend to prefer IV medications as they can be administered without waking a sleeping patient or presenting difficulty for patients who may have trouble swallowing,” added Mr Cooper.