Current report No. 25/2022
Date prepared: November 21, 2022, time: 03:54 PM
Abbreviated name of the issuer: CELON PHARMA S.A.
Subject: Celon Pharma S.A.’s project on a new therapeutic objective for the FGF1 protein analogue will receive co-funding
Legal basis: Article 17 (1) of the Market Abuse Regulation (MAR) – inside information.
Content of the report:
The Management Board of Celon Pharma S.A. (“Company”) wishes to announce that on November 21, 2022 it received information that the Company’s application for co-funding of its project (“Project”) entitled “FGF1 Analogue: A New Therapeutic Objective for Non-alcoholic Fatty Liver Disease and Related Metabolic Diseases” (“Analog FGF1: nowy cel terapeutyczny dla niealkoholowej stłuszczeniowej choroby wątroby i powiązanych chorób metabolicznych”), submitted to the competition announced by the Medical Research Agency (ABM) for the development of targeted medicine or cell- and protein-based personalized therapy (ABM/2022/5) was granted co-funding.
The total cost of the project was estimated at approx. PLN 49 million and the co-funding amounts to approx. PLN 27 million. Project completion date: October 31, 2028
The aim of the project is to develop and launch a new product based on protein-based therapy targeted at the so-called metabolic syndrome diseases: Non-alcoholic Fatty Liver Disease (NAFLD), obesity, hypertriglyceridemia, hypercholesterolemia and hyperglycemia.
The indicated therapeutic areas constitute significant targets in modern therapies, since the incidence of metabolic syndrome ranges between 20% and 25% in the adult population and between 0% to 19.2% in children; however, it may amount to 80% in those affected by type 2 diabetes. The set of the co-occurring conditions drastically increases the risk of heart diseases, stroke and type 2 diabetes.
The project encompasses R&D, primary and industrial research, as well as development works up to and including the phase II clinical trial.
Transfer of funds is possible following the signing of a co-funding agreement within 30 working days from the date on which the information on the competition results is communicated to the Company. The Company will announce the conclusion of the co-funding agreement in a separate current report.
The Company’s Management Board wishes to point out that the conclusion of the agreement with Salk Institute for Biological Studies on the purchase of a license enabling the Company to continue with clinical work on the FGF1 protein analogue used in treatment of type 2 diabetes, as well as to extend the development works to include other clinical metabolic indications, was announced in current report No. 5/2022 on February 21, 2022.