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Kentucky SBIR-STTR Matching Funds Program Awards ApoImmune $100,000 for NIH Phase I SBIR Tuberculosis Vaccine Grant
November 1, 2008 (Louisville, KY) - The Kentucky SBIR-STTR Matching Funds Program has awarded ApoImmune, Inc. $100,000 as a match for the Company's National Institutes of Health (NIH) Phase I Small Business Innovation Research (SBIR) grant awarded in August. The NIH grant of $822,000 and newly awarded Matching Funds will be used for the ongoing development of ApoVax104, ApoImmune's novel vaccine. This is ApoImmune's fourth state matching grant to be awarded in two years.
The two-year Phase I SBIR grant, awarded by National Institute of Allergy and Infectious Disease (NIAID), will fund preclinical work to develop a tuberculosis (TB) vaccine. The work will be performed in collaboration with Dr. Michael Cynamon at the Central New York Research Corporation in Syracuse, NY. Dr. Cynamon is a renowned TB researcher with vast experience in mycobacterial infections and infectious diseases.
The Kentucky SBIR-STTR Matching Funds Program is funded by the Department of Commercialization and Innovation within the Kentucky Cabinet for Economic Development. The Program is designed to award matching funds to for-profit, Kentucky-based companies that have been granted a Federal SBIR or Small Business Technology Transfer (STTR) Phase I or Phase II award for research and technology development. The Kentucky SBIR-STTR Matching Funds are for additional work tasks and activities that support and are complementary to the Federal Award.
Steven T. Downey, President & CEO of ApoImmune, stated that "these funds will provide us with critical additional capital as we expand our ApoVax104 technology product pipeline to demonstrate efficacy in animal models for infectious disease indications."
About ApoImmune, Inc.
ApoImmune Inc. is a Louisville, Kentucky-based biotechnology company developing novel immunotherapies, which are treatments based on the concept of regulating the immune system to fight disease. The Company's lead immunotherapy is based on the ProtEx technology's ability to teach the immune system to recognize foreign pathogens as harmful and specifically target those harmful cells for destruction. ApoImmune is also developing ProtEx to suppress the immune system in certain cases, which improves current organ and tissue transplant therapies by protecting the transplant from being attacked by the recipient's immune system when transplanted into the body. An added benefit of the ProtEx immune system suppression technology is that it also reduces the need for powerful immunosuppressive drugs with highly toxic effects that are required after transplantation.
For more information, visit www.apoimmune.com.
Certain statements made throughout this press release that are not historical facts contain forward-looking statements regarding the Company's future plans, objectives and expected performance. Any such forward-looking statements are based on assumptions that the Company believes are reasonable, but are subject to a wide range of risks and uncertainties and, therefore, there can be no assurance that actual results may not differ materially from those expressed or implied by such forward-looking statements.
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