Genelux Awarded Therapeutic Discovery Project Grant
SAN DIEGO November 14, 2010 Genelux Corporation, a privately-held biopharmaceutical company developing novel therapeutic oncolytic viruses for the treatment and diagnosis of cancer, today announced it has been awarded $245,000, the maximum award given for a project under the Therapeutic Discovery Program (TDP). The award was given to projects that show reasonable potential to result in new therapies in areas of unmet medical need, particularly cancer. Proceeds will support further development of the Genelux therapeutic cancer platform technology, GL-ONC1, specifically in clinical trials evaluating the drug’s safety and early signs of therapeutic efficacy.
“Genelux is pleased to have received a Therapeutic Discovery Project (TDP) award. Such programs are invaluable in accelerating the development of technologies that will one day yield a breakthrough in the cure for cancer and other diseases,” said Dr. Aladar Szalay, Chairman and CEO of Genelux Corporation. “And while each company, including ours, did not receive all it was eligible for, the intense interest in and demand for the program demonstrates the need for Congress to expand it and offer more support for the important research being conducted at small biotechnology firms in San Diego and across the United States.”
ABOUT GENELUX CORPORATION
Statements made about Genelux Corporation, other than statements of historical fact, reflect Management’s current beliefs and assumptions founded on the data and information currently available to us. Statements of the company’s progress, results, timing of pre-clinical and clinical trials and projections for product pipelines are examples of forward-looking statements. By definition, such undertakings involve risks, uncertainties and assumptions, and are subject to a number of such factors that could cause actual results to differ substantially from statements made, including but not limited to: risks associated with the success of clinical trials, research and development programs, regulatory approval processes for clinical trials, competitive technologies and products, patents, inception and/or continuation of corporate and other strategic partnerships and the need for additional funding or financing.