Lpath has been awarded a $3 million grant by the National Cancer Institute (NCI). The funds will support the continued clinical development of Lpath’s drug candidate, ASONEP, which is currently in the latter stages of a Phase 1 clinical trial for cancer treatment.
The award was made under provisions of SBIR’s new bridge award program, which provides grants of up to $1 million per year for up to three years to innovative small businesses for developing and commercializing novel technologies or products designed to prevent, diagnose, or treat cancer.
Roger Sabbadini, Founder and CSO of Lpath, said: As one of the first recipients of this new bridge award, we are grateful to the NCI for its generosity and for recognizing the value of funding further clinical development of ASONEP.
We believe our novel approach of targeting bioactive lipids holds great promise, and this substantial financial commitment by the NCI is quite validating in this regard, he added.