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Kentucky SBIR-STTR Matching Funds Program Awards ApoImmune $100,000
October 1, 2007 (Louisville, KY) - The Kentucky SBIR-STTR Matching Funds Program has awarded ApoImmune, Inc. a $100,000 match for the Company's National Institutes of Health (NIH) Phase I Small Business Innovation Research (SBIR) grant awarded in August. This is ApoImmune's second state match fund to be awarded.
The NIH grant of $422,000 and newly awarded Matching Funds will be used for developing a novel treatment for Type 1 Diabetes, ApoFasL. The grant was awarded by the National Institute of Diabetes and Digestive and Kidney Diseases (NIDDK), and will fund preclinical work to develop the Company's ApoFasL transplantation technology.
ApoImmune researchers are working to develop a novel insulin-replacement therapy using ApoFasL that will allow successful pancreatic islet transplantation without using immunosuppressive drugs, thus eliminating side effects that accompany their long-term use. Induction of tolerance without the chronic use of immunosuppressive drugs will be an important therapeutic advancement required for the efficient treatment of Type 1 Diabetes in the clinic.
The Kentucky SBIR-STTR Matching Funds Program is funded by the Kentucky Cabinet for Economic Development, CED, Department of Commercialization and Innovation, DCI. 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.
For Phase I applications up to 100% of the initial Federal SBIR/STTR Program Phase I award, not to exceed $100,000, can be awarded. For Phase II applications, up to 100% of the initial Federal SBIR/STTR Program Phase II award, not to exceed $500,000 per year.
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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