Intellikine, Tragara Pharmaceuticals awarded $1M each for developing new multiple myeloma therapies

The Multiple Myeloma Research Foundation (MMRF) today announced that two San Diego area biotech firms, Intellikine and Tragara Pharmaceuticals, Inc. will receive funding via its MMRF Biotech Investment Award program. The MMRF Biotech Investment Awards represent a multi-year research grant commitment to fund the early-stage drug development of novel compounds and approaches that show potential in treating multiple myeloma. Based on the companies' achievement of clearly defined milestones, the MMRF will commit a total of $1,000,000 to each company by the end of 2011.

“With the support of the MMRF, both financially and through their network of experts, Tragara will be able to broaden TG02 research and development in myeloma with the hope of bringing new agents to patients more quickly”

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According to a recent PricewaterhouseCoopers/National Venture Capital Association/ MoneyTree™ Report, venture capital investments in 2009 reached their lowest levels since 1997 and biotech investing declined by 19%. "Funding for pre-clinical and early-stage clinical research is so limited right now, that companies may choose to walk away from pursuing development of new therapies for multiple myeloma. Through targeted funding via the MMRF Biotech Investment Award, the MMRF is able to fulfill our commitment to patients by motivating the development of promising drugs," said Louise M. Perkins, Ph.D., Chief Scientific Officer of the MMRF.

These MMRF Biotech Investment Awards will support the early development of two novel treatments: Intellikine's INK128, a novel orally available small molecule inhibitor of the TORC1/2 complexes, key components of the PI3K/mTOR signaling pathway; and Tragara Pharmaceuticals' TG02, an oral multi-kinase inhibitor that targets the important cyclin-dependent kinases (CDKs) and the major signaling pathways involving JAK2, ERK5 and Flt3.

"Preclinical studies have demonstrated that INK128 has the potential for efficacy in myeloma," said Troy Wilson, Ph.D., J.D., President and CEO of Intellikine. "We are thrilled to receive this grant from the MMRF as it will accelerate the development of our proprietary TORC1/2 inhibitor against this terrible disease."

"With the support of the MMRF, both financially and through their network of experts, Tragara will be able to broaden TG02 research and development in myeloma with the hope of bringing new agents to patients more quickly," said Thomas M. Estok, President and CEO of Tragara Pharmaceuticals.