MedGenesis and Biovail Announce Grant From the Michael J. Fox Foundation for the Development of GDNF – MarketWatch
The Michael J. Fox Foundation (MJFF) for Parkinson’s Research has awarded a $2.1 million USD grant to MedGenesis Therapeutix Inc. and Biovail Laboratories International SRL (BLS) to further their collaboration in the development of glial cell line derived neurotrophic factor (GDNF). The grant will be made over a 3-year period; with the total amount being subject to the attainment of specific milestones.
“We are delighted and deeply appreciative to partner with The Michael J. Fox Foundation in our common search for a disease-modifying treatment to significantly change the quality of life of patients with Parkinson’s disease,” said Dr. Erich Mohr, Chairman and CEO of MedGenesis.
GDNF is being developed by MedGenesis and BLS pursuant to a December 2009 collaboration agreement. In previous clinical studies, GDNF has shown promise as a potential disease-modifying therapy for the treatment of Parkinson’s disease. GDNF is a naturally-occurring growth factor capable of protecting and promoting the survival of dopamine producing nerve cells.
“We are grateful for MJFF’s support and look forward to a productive relationship in the future,” said Bill Wells, Biovail’s Chief Executive Officer.
About MedGenesis Therapeutix Inc.
MedGenesis is a privately-held biopharmaceutical company committed to developing and commercializing innovative therapeutics to provide life-enhancing treatments to patients with serious neurologic diseases. MedGenesis is a worldwide leader in Convection Enhanced Delivery (CED), a minimally invasive technique that provides for targeted, local treatment of CNS conditions such as epilepsy, brain cancer and other severely debilitating diseases of the CNS.
About Biovail Corporation
Biovail Corporation is a specialty pharmaceutical company engaged in the formulation, clinical testing, registration, manufacture, and commercialization of pharmaceutical products. The Company is focused on the development and commercialization of medicines that address unmet medical needs in niche specialty central nervous system (CNS) markets. For more information about Biovail, visit the Company’s Web site at www.biovail.com.
About The Michael J. Fox Foundation
The Michael J. Fox Foundation is dedicated to ensuring the development of better treatments, and ultimately a cure, for Parkinson’s disease through an aggressively funded research agenda. MJFF has funded almost $184 million in research to date.