See feature article below: Lpath Inc. (NASDAQ: LPTN)
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Report For: Lpath Inc. (NASDAQ: LPTN)
LPTN stock is up 63% to $3.41 on heavy trading volume today after receiving a government grant to develop its pain treatment Lpathomab. The biotechnology company has been awarded a two-year, $1.45 million grant by the Department of Defense’s Defense Medical Research and Development Program to support the study of Lpathomab for the treatment of neuropathic pain associated with traumatic brain injury. Trading volume is at 8.7 million shares contrasted with a daily average of 62,000.
SAN DIEGO, June 20, 2016 /PRNewswire/ — Lpath, Inc. (LPTN), the industry leader in bioactive lipid-targeted therapeutics, has been awarded a $1.45 million two-year grant by the Defense Medical Research and Development Program (DMRDP), an agency of the U.S. Department of Defense (DoD). This grant will support the study of Lpathomab for the treatment of neuropathic pain associated with traumatic brain injury (TBI). Lpath is working with Professor David Yeomans, Ph.D. of Stanford University’s Department of Anesthesia on this project and he will serve as co-principal investigator.
This DoD grant will fund preclinical studies designed to evaluate the ability of Lpathomab to alleviate pain following neurotrauma, and to confirm the potential efficacy of Lpathomab as previously demonstrated by Stanford University researchers in an animal model of TBI pain.
Roger Sabbadini, Ph.D., Lpath’s founder and co-principal investigator on the TBI project, commented, “Lpath is grateful to the DoD for recognizing the significant value of funding further development of Lpathomab. We believe our novel approach of targeting bioactive lipids holds great promise, and this is validated by the financial commitment from the DoD’s DMRDP.”
Lpath has recently completed a Phase 1a double-blind, placebo-controlled, single ascending dose study to evaluate the safety and tolerability of Lpathomab in healthy volunteers. Lpathomab was tolerated at all doses tested, and no serious adverse events or dose limiting toxicities were observed.
Dario Paggiarino, M.D., Lpath’s senior vice president and chief development officer commented, “Now that Lpath has successfully demonstrated safety and tolerability of Lpathomab in healthy volunteers, we anticipate testing Lpathomab in patients with neuropathic pain. The preclinical demonstration of Lpathomab’s potential efficacy in TBI pain could support another important indication for further investigation.”
Lpathomab is a first-in-class, humanized monoclonal antibody targeting lysophosphatidic acid (LPA), which has been shown in the literature to be important in conditions of neuronal injury. Lpathomab was discovered using Lpath’s internal drug-discovery engine and antibodies developed via this discovery engine are designed to target bioactive signaling lipids that are involved in neuropathic pain, neurotrauma, cancer, inflammatory disorders, and other diseases.
This work is supported by the Office of the Assistant Secretary of Defense for Health Affairs, through the Defense Medical Research and Development Program (DMRDP), the Clinical and Rehabilitative Medicine Research Program, Neurosensory and Rehabilitation Research Award (under Award No. W81XWH-16-1-0098). Opinions, interpretations, conclusions and recommendations are those of the investigators and their organizations and not necessarily endorsed by the Department of Defense. In conducting research using animals, the investigators adhere to the laws of the United States and regulations of the Department of Agriculture. The objectives of the DMRDP are to discover and explore innovative approaches to protect, support, and advance the health and welfare of military personnel, families, communities, and the general public; to accelerate the transition of medical technologies into deployed products.
The U.S. Army Medical Research Acquisition Activity, 820 Chandler Street, Fort Detrick MD 21702-5014 is the awarding and administering acquisition office.
About Lpath
San Diego-based Lpath, Inc. (LPTN) is the category leader in lipid-targeted therapeutics. The company’s ImmuneY2™ drug-discovery engine has the unique ability to generate therapeutic antibodies that bind and inhibit bioactive lipids that contribute to disease. The company has developed three drug candidates, has advanced all three into clinical trials, and built evidence to support its approach of targeting bioactive lipids to treat a wide range of diseases.
Source – Company Press Release
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