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$1.67 Million Grant To Develop Pain Drug

03 / 08 / 2006

Spinifex Pharmaceuticals Pty Limited has received a $1.67 million Commercial Ready Grant from the Australian Federal government to accelerate development of its lead drug candidate for the treatment of neuropathic pain.

Neuropathic pain is caused by damage to the sensory nervous system following viral infections (such as shingles), metabolic diseases (most notably diabetes), trauma, surgery or chemical toxicities.

Spinifex Pharmaceutical's Managing Director and Chief Executive Officer, Dr Michael
Thurn said the funds would be used to confirm the lead candidate selection, manufacture drug supplies for preclinical safety assessment and initial clinical trials.

"This is a major achievement for the company and will significantly enhance the future partnering prospects for this technology," said Dr Thurn.

Spinifex's neuropathic pain technology was based on the discovery of a novel target by The University of Queensland's Pain Research Group led by Professor Maree Smith.

Several orally-active small molecule antagonists of this target are currently entering the final stages of lead candidate selection.

The successful Commercial Ready grant follows Spinifex's initial capital raising of $3.25 million which was completed in July last year from an investment syndicate comprised of Symbiosis Group Limited, GBS Venture Partners Limited and Uniseed.

Spinifex was spun out of The University of Queensland's main commercialisation company, UniQuest Pty Ltd.