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news.GLG Pharma has received a cash grant of $733,438 under the US Government's Qualifying Therapeutic Discovery Project (QTDP) program, for its cancer therapeutics development.
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GLG Pharma said that the proceeds of the grant will be used to advance the development of three product candidates, GLG-202, GLG-302, GLG-401, all STAT3 inhibitors, representing a new generation of cancer therapy.
GLG Pharma president and CEO said that they are pleased to receive this non-dilutive contribution to the development of their cancer programs, that will help them expedite the initiation of clinical trials next year.
GLG Pharma executive vice president Michael Lovell said that this was a very competitive process and they are grateful for the federal support of these three therapeutic candidates.
"They believe awarding these grants to GLG provides validation for our development programs,’ Lovell said.