Phoenix Solutions granted NOK 15.8 million from the Research Council of Norway
Our member Phoenix Solutions has been granted NOK 15.8 million from the Research Council of Norway to the project “ACT for Pancreatic Cancer”.
The main goal of the project is to provide clinical proof-of-concept for Phoenix`s Acoustic Cluster Therapy (ACT®) technology, in a study where ACT® is combined with current standard of care chemotherapy for treatment of pancreatic ductal adenocarcinoma. Prior to start clinical trials, the project will also include further preclinical work, establishment of GMP manufacture and execution of regulatory safety studies.
“This funding will enable us to push on with our project to fight pancreatic cancer and meet a key developmental milestone; execution of a clinical phase I/IIa program from mid-2018. Together with partners at Institute of Cancer Research / Royal Marsden Hospital (UK) and Haukeland University Hospital, we strongly believe that ACT® can make a significant difference for patients with this hard to treat, deadly disease.”, says CEO in Phoenix Solutions, Per Sontum.
The project will be initiated in Q1 2017 and run for four years. The grant will cover approx. 35% of the project costs. The grant is subject to final contract negotiations.
Established in 2006, the BIA programme is the largest industry-oriented programme at the Research council of Norway (Forskningsrådet). This broad-based programme supports high-quality R&D projects with good business and socio-economic potential.
About Phoenix Solutions:
Phoenix Solutions is a Norwegian biotech company sprung out from GE Healthcare in 2013, currently developing a technology platform for targeted drug delivery – Acoustic Cluster Therapy (ACT®). ACT® is a unique approach to ultrasound mediated, targeted drug delivery – capable of enhancing significantly the clinical utility of a wide range of therapeutic molecules and nano-drugs for a wide range of clinical indications. Its primary mode of action is in defeating the vascular barrier, enhancing extravasation, distribution and uptake of drug in the targeted tissue, thereby increasing efficacy and/or reducing toxicity.
ACT® is generally indicated towards diseases where current clinical practice treats known, localized pathologies (e.g. solid tumours) with medicinal therapy, and where Standard of Care is being limited from an inability to deliver sufficiently high concentrations of drug to the tumour without excessive systemic toxicity. Phoenix is currently targeting the oncology segment, looking in particular at pancreatic, liver, triple negative breast and prostate cancers, and has extremely promising preclinical results so far.