Phylogica Limited (ASX:PYC, XETRA:PH7) has scored a grant for cancer drug research from the Australian Research Council.
The $546,420 grant has been awarded to the drug discovery company and its partner, The University of Queensland’s Institute for Molecular Bioscience.
The grant is to identify Phylomer peptides inhibiting tumour metastasis and will be administered by the university with Phylogica as a commercial partner.
Phylogica CEO Dr Richard Hopkins says the grant supports the company’s strategic focus to develop Phylomer-based therapies against high value cancer targets.
The Institute for Molecular Bioscience says it is an exciting time to pioneer a cutting edge approach to peptide-based drug development in partnership with Phylogica.
Phylogica reported a net loss of $393,000 in the first half of the 2014 financial year.
