NeuroVive gets $4 million for genetic mitochondrial diseases program

Shares of Swedish mitochondrial medicine firm NeuroVive Pharmaceutical (Nasdaq OMX: NVP) gained 2.3% to 4.21 Swedish kronor after it announced new funding from the USA.

Scientists at the company’s research partner the Children’s Hospital of Philadelphia (CHOP) have received a three-year grant (W81XWH-17-PRMRP-TTDA), in total of just over $4 million from the US Department of Defense, Office of the Congressionally Directed Medical Research Programs (CDMRP) for studies focused on NeuroVive’s NVP015 program for genetic mitochondrial diseases.

The extensive program evaluating preclinical efficacy and exploring viable future clinical endpoints for the NVP015 program, will be conducted by a team of world leading experts under the leadership of principal investigator Dr Todd Kilbaugh, Associate Professor of Anesthesiology, Critical Care and Pediatrics. The objective of the therapeutic development program is to develop a drug candidate for Investigational New Drug (IND) submission to the Food and Drug Administration (FDA) for initiation of Phase I clinical trials.