National Pharmaceuticals Corp. has announced that its lead therapeutic drug, GLB333 was awarded a grant from Canada's National Research Council. The grant will be used toward development methods for large scale manufacturing of the drug.
The grant which is awarded to Globe Laboratories, the licensor of the technology is for $30,000 for this year and can be increased significantly upon completion of preliminary feasibility studies.
National has signed a letter of intent with Globe labs to license GLB333, a drug believed to be effective in vascular regeneration, organ transplant and wound healing. The product may have other therapeutic benefits, including pain management due to muscle injury and trauma.
"We are pleased with this Government financial grant for our product which further endorses the need for its rapid development and commercialization," said Elaine Affleck, President of National Pharmaceuticals Corp.