Spago Nanomedical receives grant from Vinnova for the development of SpagoPix
Spago Nanomedical has been granted 500 000 SEK by Sweden's government agency for innovation, Vinnova, to support the clinical development and commercialization of SpagoPix.
Spago Nanomedical applied in February for the first level of financing from Horizon 2020, EU´s framework program in research and innovation for small and medium sized enterprises (SMEs). The project received strong scoring in the ranking system and was awarded a “Seal of Excellence”, a designation that allowed application for grants through Vinnova´s program "Runner-up SME instrument 2018".
Vinnova has now granted 500 000 SEK (ca. 48.5 KEUR) for the project "Clinical Development of the Novel Tumour Selective Contrast Agent SN132D”. This initial grant will be used for the preparation of a plan for the clinical development and commercialization of SpagoPix. This development plan will form the basis of an application for the next level of funding within Horizon 2020. If the application is granted at the next level, the project may receive further funding of up to 2.5 MEUR.
For further information, contact Mats Hansen, CEO Spago Nanomedical AB, +46 767 764294, firstname.lastname@example.org.
Spago Nanomedical (AktieTorget Stockholm: SPAG) develops nanomaterials for cancer diagnostics and therapy. The company´s development activities are primarily focused on the cancer selective MRI-contrast agent SpagoPix, and the Tumorad®-project for cancer selective radionuclide therapy of cancer. The business concept of Spago Nanomedical is to develop projects from explorative to regulatory preclinical or early clinical phase, and then out-license or enter partnership for continued development of the projects to market launch. Spago Nanomedical collaborates with well-established and reputable patent consultants to continuously strengthen the intellectual property protection of the projects.
SpagoPix is a contrast agent based on nanoparticles and manganese aiming to improve cancer diagnostics using magnetic resonance imaging (MRI). By offering high precision and excellent signal amplification in tumors and metastases correct diagnosis of cancer with MRI is facilitated. Improved diagnostic capabilities may increase the chances of efficient treatment for the patients.
Tumorad® is a further development of the company´s proprietary nanoparticles with the purpose of delivering radionuclides for tumor selective radiation therapy of cancer. Access to new therapies is essential for effective treatment of many forms of cancer.
The information in this press release is such that Spago Nanomedical AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation (EU, 596/2014). The information was submitted for publication, through the agency of the contact person set out above, on 14 May, 2018.
For further information, see www.spagonanomedical.se.