Research Triangle Park, NC, March 27, 2015 --(PR.com
)-- FLAG Therapeutics Inc., a company focused on novel, bispecific oncology drugs, has received a $250,000 Small Business Research Loan (SRL) from the North Carolina Biotechnology Center.
This capital will enable FLAG to pursue significant preclinical milestones to advance its lead bispecific anti-angiogenic/anti-tubulin (AA/AT) compound in preparation for an investigational new drug (IND) application and human clinical trials. A key US patent covering composition of matter for this compound FLAG-003 was issued last month and provides protection until June of 2031. FLAG has a robust portfolio of 29 issued and 25 filed patents for two novel classes of oncology compounds.
“This is great news for FLAG and builds on the momentum we have generated in 2015. In the first quarter we have presented at the Biotech Showcase forum in San Francisco and generated exciting investor interest, received notice of issuance of two key US patents - one for each of our two classes of compounds, and received the NC Biotech Center’s SRL funding. Not a bad start to the year,” said Frank Sorgi, president and chief executive officer, FLAG Therapeutics. Sorgi added that the Biotech Center conducts extensive due diligence, so the SRL award represents a meaningful validation of FLAG’s scientific foundation. FLAG also received funding from the Company Inception Loan (CIL) program from the NC Biotech Center in 2014.
About FLAG Therapeutics
FLAG Therapeutics is an RTP, North Carolina based company founded on breakthrough research that has yielded two novel classes of small-molecule, water-soluble oncology drugs. The company’s compounds have well-elucidated mechanisms of action against clinically validated targets. In preclinical models, FLAG’s lead compounds have demonstrated statistically significant superiority in appropriate disease models vs. approved clinically-relevant comparator drugs that exceed $5 billion in sales. Each program has a late-stage preclinical lead that is approximately one year from IND filing. To learn more about FLAG Therapeutics, please visit www.flagtherapeutics.com.
FLAG Therapeutics, Inc.
Frank L. Sorgi, PhD
President and CEO