BIRMINGHAM, Ala., March 10, 2011 /PRNewswire/ -- PNP Therapeutics, Inc. — an early-stage Birmingham-based biopharmaceutical company created from research conducted at Southern Research Institute and The University of Alabama at Birmingham (UAB) — today announced that several major objectives have been reached in the development of its therapeutic technology platform and proprietary products for the treatment of cancer.
"A number of important regulatory and financial efforts came to fruition, enabling PNP Therapeutics to begin a crucial phase in product development," said Frank R. Hunt, chief executive officer of PNP Therapeutics, Inc. "We are delighted that we accomplished these goals so we can continue moving our technology products forward."
According to Hunt, those objectives included:
- Receiving FDA approval of its Investigational New Drug (IND) application which will now allow PNP to conduct its first-in-man studies;
- Signing an agreement with UAB to conduct clinical trials at its Comprehensive Cancer Center;
- Enrolling and treating the first clinical trials patient;
- Closing on a second round of funding worth $1,217,635 from its original investors;
- Gaining a commitment from Southern Research Institute to become a direct investor in the company; and
- Being awarded a $245,000 grant from the federal government as part of its Qualifying Therapeutic Discovery Project.
At the center of PNP's Therapeutic System is a patented enzyme (E. coli purine nucleoside phosphorylase) which has been shown to work with a variety of well-characterized nucleoside prodrugs generating active metabolites with high levels of anti-tumor activity. PNP Therapeutics is the exclusive licensee of a comprehensive collection of patents that broadly and specifically cover the Company's technolog