Development grant
Newron Pharmaceuticals SpA has been awarded a grant-come-loan of €5 million from the Italian government’s Ministero dell’ Istruzione, dell' Università e della Ricerca, to support the research and identification of novel compounds for the treatment of central nervous system diseases. The funds cover R&D expenses incurred during a 48-month period from July 1, 2007 and training costs for a 36-month period from 1 January 2008.
About 42 per cent of the grant will be non-reimbursable. The rest, bearing interest of 0.5 per cent per year, is required to be repaid within 10 years from the grant date.
Patricia Salvati, Newron’s VP Preclinical R&D, said, “We are proud that we have succeeded again in qualifying for significant public funding for our R&D efforts. This re-affirms the high quality of our ion channel research, as evidenced by the continuing success of our development compounds.”
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