Market Overview

Magnolia Neurosciences Corporation Announces that its Subsidiary Receives $20 Million CPRIT Grant to Develop Novel Therapies to Treat Chemotherapy-Induced Neurological Conditions

Share:

Magnolia Neurosciences Corporation (Magnolia) today announced that
Korysso Therapeutics, Inc. (DBA: Magnolia Tejas Corporation), the
company's wholly owned, Houston-based subsidiary, has been awarded a
$19.95 million grant from the Cancer Prevention and Research Institute
of Texas (CPRIT) to fund the development of a novel targeted therapy for
the treatment of neurological conditions caused by chemotherapy. Once
the grant contract is consummated, CPRIT will fund the advancement of
the company's lead molecule through the completion of Phase 1 and into
Phase 2a clinical development. The company expects to initiate a Phase 1
clinical trial in the second half of 2019.

Magnolia Tejas is developing a targeted therapy for these conditions,
including chemotherapy-induced peripheral neuropathy (CIPN) and
chemotherapy-induced cognitive dysfunction (CICD or chemo brain) based
on discoveries made by scientists in The University of Texas MD Anderson
Cancer Center's (MD Anderson) Therapeutics Discovery division and the
Neurodegeneration Consortium (NDC).

CIPN results from drug-induced damage to peripheral nerves, which
results in pain, numbness and tingling in the hands and feet. It is
estimated that in the United States alone there are two million people
living with CIPN and there is no approved therapy for the condition.
CICD, which affects more than 200,000 patients each year, is
characterized by general cognitive and memory problems that can last for
years.

"The neuropathy and neurocognitive challenges caused by chemotherapy not
only decrease a patient's quality of life, but also can prevent them
from completing the optimal chemotherapy regimen, ultimately affecting
survival," said Philip Jones, Ph.D., vice president of Therapeutics
Discovery at MD Anderson, co-author of the CPRIT grant and a scientific
advisor to Magnolia Neurosciences. "New treatments that address the
underlying cause of CIPN are urgently needed, and a targeted approach
has the potential to address the specific biologic mechanisms that
contribute to peripheral nerve damage. We greatly appreciate the support
from CPRIT to fund this important project."

"Focusing on CIPN will provide near-term proof of concept for Magnolia
Neurosciences' targeted approach to neuroprotection," said Thong Q. Le,
chief executive officer at Magnolia Neurosciences Corporation and
Accelerator Life Science Partners. "Coming on the heels of our recently
announced $31M Series A financing, this grant from CPRIT will accelerate
our entry into the clinic to treat patients with these often-crippling
consequences of chemotherapy."

CPRIT provides funding through its academic research, prevention, and
product development research programs. Programs made possible with CPRIT
funding have reached all 254 counties of the state of Texas, brought
more than 159 distinguished researchers to the state, advanced
scientific and clinical knowledge, and provided more than four million
life-saving education, training, prevention, and early detection
services to Texans. To date, CPRIT has awarded $2.15 billion in grants
for cancer research.

About Magnolia Neurosciences Corporation

Magnolia Neurosciences Corporation is a drug discovery and development
company focused on the creation of a novel class of neuroprotective
medicines. The company endeavors to make life-changing medicines for the
benefit of patients and their families suffering from serious CNS
diseases. The company was launched by a $31M Series A investment by
Accelerator Life Science Partners in 2018 and was co-founded by world
class researchers at The University of Texas MD Anderson Cancer Center.
The company's offices are located in the Alexandria Center for Life
Science, New York City's first and only premier life science campus. The
company also has a wholly owned subsidiary, Magnolia Tejas Corporation,
based in Houston, Texas that is focused on developing a novel therapy
for chemotherapy-induced neurological conditions. For more information,
please visit www.magnolianeurosciences.com.

View Comments and Join the Discussion!