ZingoTX nets $1.45m fed grant

Pain management company ZingoTX, a subsidiary of Eqitx (ASX:EQX) has been awarded a AUD$1.45 million AusIndustry Commercial Ready grant to support the ZingoTX drug development program over the next 12 months.

The grant will fund half the expected costs of conducting the formal preclinical toxicology and pharmacokinetic studies of the ZingoTX lead candidate, identified from a new class of patented compounds for use in the treatment of chronic pain. Successful completion of the studies will enable ZingoTX to progress its lead candidate to human phase I trials in the second half of 2006.

"It is a very nice affirmation of our compound and development program design. Our lead compound is a new class of analgesic compounds that targets naturopathic and inflammatory plan. They target a novel new receptor TRPV1 formally known as Vanilloid receptor or VR1. The program is developing molecules that are less pungent and have fewer side-effects than capsaicin," said Eqitx CEO Sue MacLeman.

"The patent has already been granted and it is a nice example of Australian research being commercialised, ZingoTX is a joint venture between Eqitx, the University of Sydney and TP Health," said MacLeman.