Chrysalis BioTherapeutics Receives Additional Funding from the National Institutes of Health for COVID-19 Therapeutic Development
GALVESTON, Texas–(BUSINESS WIRE)–Chrysalis BioTherapeutics, Inc., a clinical-stage biotechnology company developing regenerative drugs that target vascular endothelial and progenitor cells, announced today that the National Institute of Allergy and Infectious Diseases (NIAID), part of the National Institutes of Health (NIH), has provided additional funding in the amount of $587,995 to its contract with Chrysalis, bringing the total contract award to develop TP508 as a therapeutic for COVID-19 patients to $1.5 million.
“SARS-CoV-2 infection can cause significant vascular damage leading to formation of blood clots and multiple organ failure, especially in the elderly and those with preexisting conditions involving endothelial dysfunction,” said Chrysalis CEO Dr. Darrell Carney. “TP508 treatment restores endothelial function and reduces effects of inflammation in animal studies. Therefore, we anticipate that TP508 will reduce COVID-19 progression and mortality in patients with moderate to severe SARS-CoV-2 infections.”
“Funding from the NIAID COVID-19 contract is being used to complete in vivo testing of TP508 efficacy, drug product manufacture, and regulatory steps to initiate clinical trials in COVID-19 patients,” said Chrysalis Executive VP Dr. Laurie Sower. “Based on the drug’s mode of action and its mitigation of vascular damage in other traumatic disease models, TP508 may be a valuable drug to be used in combination with supportive care or antivirals to prevent acute and long-term effects of COVID-19.”
Chrysalis BioTherapeutics, Inc. is a biopharmaceutical development company located in Galveston, TX. TP508 (rusalatide acetate) is licensed from The University of Texas Medical Branch (UTMB) at Galveston, TX. Although TP508 has shown potential efficacy in stimulating early tissue repair in human clinical trials, it is not yet FDA-approved and is currently only available for investigational use. For additional information, contact Dr. Darrell Carney, CEO, at email@example.com or visit http://www.chrysbio.com.
Research reported in this press release was in whole or part supported with federal funds from NIAID under contract number HHSN272201700011C. The content is solely the responsibility of the authors and Chrysalis BioTherapeutics, Inc. and does not necessarily represent official views of the National Institutes of Health or The University of Texas Medical Branch.
Darrell H. Carney, PhD, CEO