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news.A total of $5 million for the development of AVI-5038, a drug for Duchenne muscular dystrophy
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AVI BioPharma and Charley’s Fund, a not for profit organization, have amended their existing sponsored research agreement to provide for an additional $3 million in sponsored research funds. A total of $5 million is assigned in support of the development of AVI-5038 through to IND.
The drug candidate is based on proprietary PPMO chemistry and has the potential to skip exon 50 in certain patients with Duchenne muscular dystrophy (DMD). AVI’s first contract with the Fund was initiated in October 2007 and partly supported the research that identified AVI-5038.
Benjamin Seckler, President of Charley’s Fund, said: “We are excited that the research supported by our Fund allowed AVI to identify this drug candidate for further development. We are pleased to extend additional support to AVI to help the company reach its clinical goals in this devastating disease so that more children with DMD can be treated.”