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.
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