NTEC receives $5.2 million grant
Tue, May 31, 2016, 10:16AM EDT - US Markets close in 5 hrs and 44 mins
8:38 am Intec Pharma announces that the Israeli National Authority for Technological Innovation approved a $5.2 mln grant in connection with its 2016 R&D program Briefing.com 1 hr 37 mins ago
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JERUSALEM, May 31, 2016 /PRNewswire/ --
Intec Pharma Ltd. (Nasdaq: NTEC; TASE: INTP), a clinical stage biopharmaceutical company focused on developing drugs based on its proprietary drug delivery platform technology, the Accordion Pill, announced today that the Israeli National Authority for Technological Innovation (NATI), formerly known as the Israel Office of the Chief Scientist, approved a grant of up to NIS 20 million (US$5.2 million) in connection with company's 2016 research and development program. The majority of this grant is allocated for the pivotal Phase III clinical trial for its lead product candidate, the Accordion Pill Carbidopa / Levodopa for the treatment of Parkinson's disease symptoms in advanced Parkinson's disease patients.
Zeev Weiss, Chief Executive Officer of Intec Pharma, said: "Including today's approved grant, NATI has granted an aggregate of approximately NIS 55.1 million of non-dilutive grants to Intec Pharma since 2009. This continued support of non-dilutive grants, that are repayable from royalties generated from future sales, represents a strong and ongoing vote of confidence in Intec Pharma and its goals."
About Intec Pharma Ltd.
Intec Pharma Ltd. is a clinical stage biopharmaceutical company focused on developing drugs based on its proprietary Accordion Pill platform technology. The Company's Accordion Pill is an oral drug delivery system that is designed to improve the efficacy and safety of existing drugs and drugs in development by utilizing an efficient gastric retention and specific release mechanism. The Company's product pipeline currently includes three product candidates in clinical trial stages: Accordion Pill Carbidopa/Levodopa, or AP-CDLD, which is being developed for the indication of treatment of Parkinson's disease symptoms in advanced Parkinson's disease patients, Accordion Pill Zaleplon, or AP-ZP, which is being developed for the indication of treatment of insomnia, including sleep induction and the improvement of sleep maintenance, and an Accordion Pill that is being developed for the prevention and treatment of gastroduodenal and small bowel Nonsteroidal Anti-Inflammatory Drug induced ulcers.
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