University of Jaén to Co-fund 3 to 4 Year Program, Appoints Scientist to Lead Research Activities
MELBOURNE, Australia--(BUSINESS WIRE)-- Propanc Biopharma, Inc. (OTCQB: PPCB) ("Propanc"), a clinical stage biopharmaceutical company focused on development of new and proprietary treatments for cancer patients suffering from solid tumors such as pancreatic, ovarian and colorectal cancers, today announced that a cooperation agreement has been entered into between the University of Jaén and Propanc to commence the POP1 joint drug discovery program to be co-funded by both parties. The agreement coincides with the appointment of research scientist, Mr. Aitor González, to lead the drug discovery and research activities over the next 3 to 4 years. The objective of the program is to identify and develop suitable backup compounds to Propanc’s lead product candidate, PRP.
As part of the agreement, Macarena Perán, Ph.D. and Julian Kenyon, M.D. have been appointed as joint supervisors, representing the University and Propanc, respectively. The program involves advancing new compounds through a drug screening process, followed by preclinical and early stage clinical development. As the drug candidate progresses along the development pathway, the collaboration will also involve the Universities of Granada and Jaén, as well as Granada and Almeria Hospitals, which are members of FIBAO, a Public Health Foundation, based in Granada, Spain, committed to assisting commercial partners with the development and commercialization of innovative technologies designed to benefit humankind.
“Identifying and developing back up compounds to our lead product candidate, PRP, is part of our long-term vision to commercialize targeted therapies which treat and prevent the spread of cancer, but without the side effects normally associated with standard treatment approaches,” said Dr. Julian Kenyon, Propanc’s Chief Scientific Officer. “The world-class facilities and expert scientific researchers at Jaén and Granada Universities are dedicated to helping us achieve our vision, and we look forward to deepening our pipeline through this research collaboration.”
“Dr. Kenyon’s efforts in driving the understanding of the anti-tumor effects of proenzymes continues to be a world first, and we are truly excited to be leading this research collaboration on behalf of Propanc,” said Dr. Macarena Perán, lecturer and reader at the University of Jaén, as well as joint supervisor of the POP1 drug discovery program. “Mr. González has been working in our laboratory over the past year and has experience in cell culture, nanoparticles, cancer stem cells and in vivo testing methodologies. We are highly confident in his ability to lead this research in the laboratory on behalf of our organizations.”
About Propanc Biopharma, Inc.
Propanc Biopharma, Inc. (the "Company") is a biopharmaceutical company developing new cancer treatments initially for patients suffering from pancreatic, ovarian and colorectal cancers. The Company has developed a formulation of anti-cancer compounds, which exert a number of effects designed to control or prevent tumors from recurring and spreading throughout the body by targeting and eradicating cancer stem cells. The Company's products involve or employ pancreatic proenzymes, which are inactive precursors of enzymes. In the near term, the Company intends to target patients with limited remaining therapeutic options for the treatment of solid tumors. In the future, the Company intends to develop its lead product candidate, PRP, to treat early stage cancer and pre-cancerous diseases, and as a preventative measure for patients at risk of developing cancer based on genetic screening.
PRP is a solution for intravenous administration of a combination of two pancreatic proenzymes trypsinogen and chymotrypsinogen. Progressing towards a first-in-human study, PRP seeks to prevent recurrence and metastasis from solid tumors by targeting and eradicating cancer stem cells. Eighty percent of cancers are solid tumors and metastasis is the main cause of patient death from cancer. According to the World Health Organization, 8.2 million people died from cancer in 2012. A report by IMS Health states innovative therapies are driving the global oncology market to meet demand, which is expected to reach $150 billion by 2020. The Company's initial target patient populations are pancreatic, ovarian and colorectal cancers, representing an estimated combined market segment of $14 billion in 2020, according to GBI Research.
To view the Company’s “Mechanism of Action” video on anti-cancer product candidate, PRP, please click on the following link: http://www.propanc.com/news-media/video.
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All statements other than statements of historical facts contained in this press release are "forward-looking statements," which may often, but not always, be identified by the use of such words as "may," "might," "will," "will likely result," "would," "should," "estimate," "plan," "project," "forecast," "intend," "expect," "anticipate," "believe," "seek," "continue," "target" or the negative of such terms or other similar expressions. These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements. These factors include uncertainties as to the Company's ability to continue as a going concern absent new debt or equity financings; the Company's current reliance on substantial debt financing that it is unable to repay in cash; the Company's ability to successfully remediate material weaknesses in its internal controls; the Company's ability to reach research and development milestones as planned and within proposed budgets; the Company's ability to control costs; the Company's ability to obtain adequate new financing on reasonable terms; the Company's ability to successfully develop PRP, its lead product candidate; the Company's ability to obtain and maintain patent protection; the Company's ability to recruit employees and directors with accounting and finance expertise; the Company's dependence on third parties for services; the Company’s dependence on key executives; the impact of government regulations, including FDA regulations; the impact of any future litigation; the availability of capital; changes in economic conditions, competition; and other risks, including, but not limited to, those described in the Company's Registration Statement on Form S-1, filed with the U.S. Securities and Exchange Commission (the "SEC") on October 17, 2018, and in the Company's other filings and submissions with the SEC. These forward-looking statements speak only as of the date hereof and the Company disclaims any obligations to update these statements except as may be required by law.
Assistant Vice President, Integrated Communications
Source: Propanc Biopharma, Inc.
Released January 2, 2019