PolyMedix Gets NIH Grant To Develop Malaria Treatments

PolyMedix Inc. received a grant worth up to $4 million from the National Institute of Health to support the company’s development of compounds to treat malaria.

Malaria, which is transmitted to people by infected mosquitoes, is a global disease that causes more than 1million deaths each year as resistance to current therapies increases. More than 120 million new clinical cases of malaria occur worldwide every year.

The initial phase of the NIH grant provides PolyMedix (OTCBB:PYMX) of Radnor, Pa., with $500,000 over the first year, with the opportunity for an additional $500,000 in the second year, to validate and pursue antimicrobial compounds.

The goal of the first phase of research is to generate proof-of-concept through in vitro and in vivo efficacy testing.

Subject to satisfactory performance of the initial phase and availability of funds, the grant provides for funding of up to $1 million per year for each of an additional three years, bringing the potential value of the grant up to $4 million.

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Source: Philadelphia Business Journal