Novasite Pharmaceuticals Inc, a subsidiary of Applied Molecular Evolution Inc has been awarded a Bioengineering grant from the National Institutes of Health (NIH).
The grant was awarded to Novasite under the Bioengineering Research Partnership Program of the National Institute of Allergy and Infectious Diseases (NIAID) and provides $ 3.2 million over 3 years for research to develop Novasite's Expanded Target Drug Discovery technology. The partnership involves Novasite and the laboratory of Dr. Larry Sklar from the University of New Mexico, which will receive $396,000.
"This grant allows us, in our collaboration with Novasite Pharmaceuticals, to contribute to the creation and application of an important novel drug discovery platform", expressed Larry Sklar, professor of Pathology at the University of New Mexico Cancer Research Center.
"This significant, peer-reviewed grant provides additional support and validation for our Expanded Target Drug Discovery technology," commented Juan Ballesteros, vice president of research of Novasite. "We are gratified to receive this grant which follows an SBIR Phase I grant awarded by the NIH last month. The automation funded by this new grant will enhance the potential of the Expanded Target Drug Discovery technology. The large amount of data generated from the analysis of these interactions will enhance and expedite the drug discovery process."
"We believe that our subsidiary, Novasite, maintains the ideal environment to pursue the Expanded Target Drug Discovery technology. This is an early stage technology that may revolutionise the discovery and optimisation of small molecule drugs. The subsidiary structure allows Novasite to focus exclusively in the development of its proprietary technology, and allows AME to focus on developing second generation biotherapeutic drugs," stated William Huse, CEO of AME and Novasite.