Cleveland BioLabs, Inc. and Panacela Labs, Inc. have received a contract valued at RUB146 million, or approximately $4.6 million, from the Ministry of Industry and Trade of the Russian Federation for development of Xenomycins, a family of compounds in development as anti-infective agents.
The contract, issued under the Russian Federation's 'Pharma 2020' development initiative, provides matching funding over a period of approximately three years, which will be used to support preclinical and clinical studies.
Dmitry Tyomkin, CEO of Panacela Labs, commented: "We are very pleased to have secured additional funding for Xenomycins through this highly competitive program. We believe that our success underscores the quality of our science and ability to generate exciting drug candidates. We expect that the contract will enable us to accelerate our preclinical program and evaluate the potential application of Xenomycins against life threatening infectious diseases."
Xenomycins exhibit a mode of targeting DNA in pathogenic microbes. Preclinical studies demonstrated efficacy of these compounds against a range of parasites and pathogenic fungi causing clinically significant infections such as candidiasis and aspergillosis.