CHARLOTTESVILLE, Va., Feb. 2 /PRNewswire/ -- Diffusion Pharmaceuticals
LLC, a drug discovery and development company pioneering a revolutionary
approach to treat life-threatening diseases, today announced that it has
received a $0.5 million grant (N00014-07-C-0424) from the Office of Naval
Research (ONR). The funds will be used to support the transition of the
company's lead novel small-molecule drug, trans sodium crocetinate (TSC),
into human testing planned to begin in March 2007.
"ONR's continued support for the transition of TSC into human testing
is a tremendous help in directing the use of the drug toward unmet medical
needs," says David G. Kalergis, Diffusion's Chief Executive Officer. "Our
work to develop TSC as a potential hemorrhagic shock treatment is directly
applicable to potential uses of the drug in life-threatening conditions
such as cardiovascular diseases, respiratory disorders and stroke," he
continues.
Diffusion is currently coordinating with the U.S. Food and Drug
Administration (FDA) on its plan to begin human trials in the first quarter
of 2007. ONR's financial commitment of $2.6 million to date, along with
$5.6 million in private equity the company has raised, has enabled
Diffusion to advance to its current stage. To supplement this ONR grant,
the company will be raising additional private equity, which will also be
used to support the clinical development of TSC.
About Diffusion Pharmaceuticals LLC
Diffusion Pharmaceuticals LLC is a drug discovery and development
company that owns a platform technology of patented small molecule
therapeutics that enhance the diffusion of oxygen to hypoxic
(oxygen-starved) tissues. By applying a revolutionary approach to increase
oxygen diffusion into tissue cells, Diffusion's lead molecule trans sodium
crocetinate (TSC) and other proprietary pipeline molecules could be used to
treat life-threatening conditions, such as trauma, stroke, cardiovascular
diseases, respiratory disorders, and other conditions characterized by
oxygen deprivation at the cellular level. The company's pipeline drugs,
known as trans bipolar carotenoid or TBC molecules, are currently in the
preclinical stage. Clinical trials are planned for early 2007 to support
the use of TSC in ischemic indications. Diffusion Pharmaceuticals, which is
privately held, is located in Charlottesville, Virginia. For more
information, visit http://www.diffusionpharma.com.
SOURCE Diffusion Pharmaceuticals LLC
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Related links:
http://www.diffusionpharma.com/
CONTACT:
Tracey Linkous, Director of Communications of
Diffusion Pharmaceuticals LLC, +1-434-220-0718,
tlinkous@diffusionpharma.com
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