Edesa Biotech Secures C$23 Million Canadian Govt. Funding to Accelerate Breakthrough Immune Treatment

Edesa Biotech secures C$23 million in government funding for Phase 3 clinical study of EB05, a pioneering immune therapy, as announced in their press release. The funding reinforces their commitment to advancing healthcare innovation.

Edesa Biotech Secures C$23 Million Canadian Govt. Funding to Accelerate Breakthrough Immune Treatment
Image: Edesa Biotech

TORONTO, Canada, October 12, 2023 - Edesa Biotech, a pioneering clinical-stage biopharmaceutical firm, has successfully clinched a significant C$23 million in government funding from the Federal Government. This substantial allocation is earmarked to propel the development of a pivotal Phase 3 clinical study for Edesa's revolutionary therapeutic candidate, EB05 (paridiprubart). The announcement was made in a press release from Edesa.

EB05 belongs to a groundbreaking class of Host-Directed Therapeutics (HDTs), designed to fine-tune the body's immune response in the face of infectious diseases and chemical agents. What sets HDTs like EB05 apart is their remarkable adaptability, permitting proactive stockpiling to prepare for seasonal outbreaks and unforeseen health crises.

Dr. Par Nijhawan, MD, CEO of Edesa Biotech, expressed the profound impact of this funding, saying, "This project has the potential to boost survival rates, curtail ICU costs, and significantly enhance patient outcomes. With this vote of confidence and ongoing federal support, we are poised to accelerate our research, extend our reach to more hospitals, and inch closer to commercialization."

The Canadian government's decision to allocate this funding signifies an endorsement of Edesa's previous success, notably in the government-backed Phase 2 clinical study conducted during the pandemic. This study yielded impressive results, showcasing an 84% reduction in mortality among critically ill patients afflicted with Acute Respiratory Distress Syndrome (ARDS). Additionally, a recent in vitro study at the University of Toronto underscored EB05's ability to inhibit inflammation triggered by influenza and other pathogens.

Dr. Nijhawan reiterated the company's commitment to delivering on its promises, noting, "We take pride in our track record of delivering successful results on time and within budget for government-supported projects. Pioneering breakthrough medications, particularly in critical care, is instrumental in strengthening the biopharmaceutical sector, generating employment, and, most significantly, advancing patient outcomes worldwide."

Francois-Philippe Champagne, Canada's Minister of Innovation, Science, and Industry, emphasized the vital role of this funding from the Strategic Innovation Fund (SIF). He highlighted that this investment forms part of the government's strategy to nurture a robust and competitive life sciences sector, underpinning the nation's preparedness for future pandemics and health emergencies.

Minister Champagne added, "This project stands as a testament to Canada's unwavering commitment to pioneering the next generation of medicine, while fostering employment and ensuring sustained economic growth."

The funds allocated through the SIF will be channeled by Edesa to cover study-related costs, including hospital and physician expenditures. In addition, resources will be devoted to scaling up the commercial drug product if the development program attains its objectives.