Gemin X Awarded $350,000 Contribution From the National Research Council of Canada
- Funding To Advance Novel Antiviral Program -
Montreal, QC — August 24, 2001 — Gemin X Biotechnologies Inc. announced today that the Company has received a CDN $350,000 Industrial Research Assistance Program (IRAP) contribution from the National Research Council of Canada (NRC). This is the maximum amount obtainable from IRAP and is the second IRAP contribution the company has received for this amount. The latest will be used to fund Gemin X's novel antiviral program, which uses apoptosis (natural cell death) to target and destroy cells latently infected with viruses such as Herpes Viruses.
"Our first IRAP contribution proved to be an important element in establishing our Bcl-2 program, which ultimately lead to the discovery of our lead family of compounds, currently in pre-clinical testing for the treatment of cancer," said Dan Giampuzzi, President and CEO of Gemin X. "The funds from this second IRAP contribution allow us to hire additional scientists to advance our early-stage antiviral program, in hopes of achieving similar success."
IRAP is designed to stimulate technological innovation in Canada through the support of small and medium-sized companies who are developing new and innovative technologies. The program offers direct technical assistance, access to technological advances and facilities, expertise in marketing and other business aspects, and cost-shared financing of innovative technical projects. (www.irap.nrc.ca)
Gemin X Biotechnologies Inc. specializes in the discovery and development of novel cancer therapeutics. The company's expertise is in apoptosis, or programmed cell death by harnessing the body's natural defense against injured or damaged cells. Using its proprietary discovery platform, Gemin X has identified a family of small molecules that effectively inhibit the Bcl-2 protein, a validated drug target implicated in B cell lymphoma, breast, lung, prostate and colorectal cancer. Additionally, the company has programs dedicated to the identification of novel cancer targets and therapeutics; discovering small molecules that promote apoptosis in cells infected with latent viruses; and finding compounds that act against p53 independent chemo-resistant cancers. Gemin X, headquartered in Montréal, Québec, was founded in 1997, and employs approximately 30 people.
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