Los Angeles, CA (February 2, 2021) – Stubbs Alderton & Markiles, LLP client Edesa Biotech, Inc., a clinical-stage biopharmaceutical company, has obtained a commitment of up to C$14 million (US$ 11 million) from the Government of Canada. This grant will assist Edesa in completing the Phase 2 portion of a Phase 2/Phase 3 clinical study of its investigational drug, EB05, for the treatment of hospitalized COVID-19 patients. The grant will also help support certain pre-clinical research meant to expand the utility of the company's experimental therapy, including treatments for other respiratory pathogens. The grant was awarded under the Federal Government's Strategic Innovation Fund following a multi-disciplinary review of Edesa's drug technology and plans.
Jonathan Friedman, Edesa’s United States counsel, stated “We are thrilled to represent Edesa and assist the company in accomplishing its goal of developing innovative treatments for inflammatory and immune-related diseases with clear unmet medical needs. Today’s commitment by the Federal Government of Canada is a significant validation of the Company and its technology.”
To read Edesa Biotech's full press release, click here.
To read the press announcement from Canadian Prime Minister Justin Trudeau, click here.
About Edesa Biotech, Inc.
Edesa Biotech, Inc. is a clinical-stage biopharmaceutical company focused on developing innovative treatments for inflammatory and immune-related diseases with clear unmet medical needs. The company's two lead product candidates, EB05 and EB01, are in later stage clinical studies. EB05 is a monoclonal antibody therapy that the company is developing as a treatment for Acute Respiratory Distress Syndrome (ARDS) in COVID-19 patients. ARDS is a life-threatening form of respiratory failure, and the leading cause of death among COVID-19 patients. Edesa is also developing an sPLA2 inhibitor, designated as EB01, as a topical treatment for chronic allergic contact dermatitis (ACD), a common, potentially debilitating condition and occupational illness. EB01 employs a novel, non-steroidal mechanism of action and in two clinical studies has demonstrated statistically significant improvement of multiple symptoms in ACD patients. The company is based in Markham, Ontario, Canada, with a U.S. subsidiary located in Southern California.
About Stubbs Alderton & Markiles, LLP
Since its inception in 2002, Stubbs Alderton & Markiles, LLP has worked alongside innovators and leaders of businesses large and small whose ideas are world changing. The firm takes a long-term approach to its relationship with clients, partnering with them all along their evolutionary path, from idea to growth to exit, or whatever their future may hold. The firm’s mission is to provide technically excellent legal services in a consistent, highly-responsive and service-oriented manner with an entrepreneurial and practical business advisory perspective.
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Stubbs Alderton & Markiles is frequently recognized for excellence in the practice of law and outstanding commitment to the Southern California tech community. The firm, and its practices, and attorneys are honored by clients, other lawyers from around the country, national legal publications, and ranking organizations such as Best Lawyers’ “Best Law Firms”, inclusion in Chambers USA: America’s Leading Lawyers for Business, and many attorneys listed in Thomson Reuters’s Super Lawyers.
For more information about Stubbs Alderton & Markiles, LLP's Public Securities practice and Canadian cross-border specialty, contact Jonathan Friedman.
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