Epichem nets European funding for anti-parasite technology

Epichem, a wholly-owned subsidiary of PharmAust (ASX:PAA), along with Murdoch University and Monash University's Centre for Drug Candidate Optimisation, have been offered up to AUD$480,000 from the Drugs for Neglected Diseases Initiative (DNDI).

Based in Geneva, Switzerland, the DNDI specialises in the development for neglected diseases, bringing together resources from public sector institutions and the pharmaceutical industry from around the world.

Total project funding is for 150,000 euros (AUD$240,000) for the first year, with the potential for a similar amount in the second year if the project milestones are achieved.

Any outcomes from the project related to the treatment of parasitic diseases of humans in the development world will be licensed to DNDI free of charge but Epichem, Murdoch University and the CDCO retain rights to commercially exploit any outcomes for drugs used in the developing world or veterinary drugs.

According to PharmAust, it is envisaged that the funds, which will be shared between the three collaborating partners, will enable Epichem's current anti-parasitic lead compounds to be progressed to a number of potential drug candidates for the treatment of trypanosome infections.

The funding is for a project that aims to develop novel, orally available drug candidates for trypanosome infections -- parasitic diseases responsible for considerable suffering and death in both man and livestock throughout many part of the world. They include African sleeping sickness and Chagas disease, which is found across South America. Chagas disease causes death in more than 30 per cent of cases.

Work on the project is expected to commence in early 2006, once formalities are complete and the funds are released.