This is the second award that Saegis has received from the Stanley Medical Research Institute (SMRI) for this promising therapeutic clinical development program. In January 2004, Saegis received a $2 million investment from SMRI to support the initiation of the company’s phase I clinical study of the drug.
SGS518 offers a potential treatment for the cognitive deficits associated with schizophrenia. This symptom of the disease is now recognized to be the most prevalent and enduring of all schizophrenic symptomatology, yet is still the least targeted by traditional medications.
Earlier this year, Saegis announced positive results from the completed phase I human clinical trial of the compound demonstrating that SGS518 was safe and well tolerated.
The drug is a selective antagonist of the 5-Hydroxytryptamine-6 (5-HT6) serotonin receptor believed to act by enhancing transmission of chemicals in the brain. Preclinical evaluation of SGS518 has shown it to be effective in behavioral studies of learning and memory.
“We are impressed with Saegis’ development capabilities and the potential of SGS518 to address the serious cognitive impairment associated with schizophrenia,” said Michael Knable, executive director of SMRI. “We are pleased to provide Saegis this support in recognition for their development progress and clinical evidence demonstrated to date in this program.”
Saegis is developing SGS518 in cooperation with Eli Lilly as a treatment for the cognitive impairment associated with schizophrenia.