4th Jun 2014 10:23
LONDON (Alliance News) - Imperial Innovations Group PLC said Wednesday its portfolio company, Autifony Therapeutics Limited, has won GBP2.2 million in funding from the Technology Strategy Board for its Phase II clinical trial into tinnitus.
Autifony is working on the development of novel pharmaceutical treatments for hearing disorder. The GBP2.2 million funding, which has been awarded as a grant, will now enable Autifony to initiate a randomized, placebo controlled Phase IIa study in patients with tinnitus in the UK, allowing Autifony to test the drug's efficacy in this poorly served patient group, said Imperial Innovations.
Autifony's lead programme, AUT00063, is a Kv3 potassium channel modulator in development for a variety of hearing disorders.
The funding will also support the firm in its planned Phase IIa clinical trial in age related hearing loss, which is due to start later this year, it said.
The Phase II trials follow the recent successful completion of a Phase I study, conducted in the UK, which investigated the safety, tolerability and pharmacokinetics of orally administered single and multiple dose regimens of AUT00063 in over 60 young and elderly healthy volunteers. In the study AUT00063 appeared safe and well tolerated, and no serious adverse events were recorded, said Imperial Innovations.
Autifony is an independent UK based biotechnology company which was formed in 2011 as a spin-out from GlaxoSmithKline PLC.
"We are hopeful that AUT00063, which is already under development for the treatment of age related hearing loss, may also be able to bring some relief to these tinnitus patients. The funding from the Technology Strategy Board will play an important role in helping Autifony to progress the compound's development in this new indication," said Maina Bhaman, Director of Healthcare Investments at Innovations.
Imperial Innovations shares were trading 2.71% higher at 428.8 pence per share Wednesday morning.
By Alice Attwood; aliceattwood@alliancenews.com; @AliceAtAlliance
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