Phrixus Pharmaceuticals Announces $623,000 in NIH Funding

PHRIXUS PHARMACEUTICALS, INC. ANNOUNCES $623,000 IN NIH FUNDING FOR ITS
PROGRAM IN DUCHENNE MUSCULAR DYSTROPHY

Award to fund IND-enabling pre-clinical studies for subcutaneous delivery of Carmeseal™ in
Duchenne muscular dystrophy

ANN ARBOR, Mich. (May 21 2012)
Phrixus Pharmaceuticals, Inc., a clinical-stage, specialty
pharmaceutical company focused on innovative therapies for Duchenne muscular dystrophy
(DMD) and heart failure, today announced that it has received an SBIR Phase 1 award for
$623,000 from the National Institutes of Health (NIH) for its grant application titled “Treatment of
Muscular Dystrophy-Associated Dilated Cardiomyopathy with P-188.”

“This funding constitutes validation for the potential utility of Carmeseal in DMD. We expect that
it will allow us to extend administration of Carmeseal to a new, clinically relevant route of
administration, subcutaneous delivery,” said Thomas A. Collet, president and CEO.

“Completion of the work funded by this grant will significantly advance our knowledge of how to
best turn Carmeseal into a chronic therapy suitable for daily administration,” adds Dr. Bruce
Markham, Vice President of Research and Chief Scientific Officer.

DMD is the most devastating of the muscular dystrophies. No drug is approved for its
treatment. It is a genetic disease that affects about one out of every 3,500 boys. Approximately
20,000 boys and young men live with this disease in the United States. The hallmarks of DMD
are skeletal muscle weakness, respiratory distress, and cardiomyopathy. It is a degenerative
disease that leads to premature death.

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