Metabolic to spend $2.1m grant on clinical trials
Wednesday, 06 August, 2003
Metabolic Pharmaceuticals (ASX:MBP) has been granted an R&D Start grant of up to AUD$2.1 million to conduct its Phase IIb clinical trial for its obesity drug AOD9604.
According to CEO Chris Belyea, the grant will deliver welcome support to the trial and would leave the company in a strong financial position at the end of the trial.
It's the first grant of its kind received by the company, Belyea said. He noted that the grant would support trial expenses in Australia rather than overseas costs associated with the trial.
Metabolic's three-month trial is to be carried out in 300 patients at five Australian hospitals. Screening of patients is expected to begin in September, and the first patients will begin taking the drug in October, Belyea said.
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