3.8 Million Euro Grant to Support CVAC(TM) Development; Prima Moving Forward
With Pilot Trials of CVAC in Additional Cancer Indications
SYDNEY, AUSTRALIA -- (Marketwire) -- 03/19/13 -- Prima BioMed Ltd
(ASX: PRR) (NASDAQ: PBMD) (ISIN: US74154B2034) ("Prima", "the
Company") is pleased to announce that the Saxony Development Bank in
Dresden, Germany (the Saechsische Aufbaubank or "SAB") has approved a
EUR 3.8 million (AUD 4.7 million) grant to support CVac development.
The SAB grant will co-fund phase 2 clinical trials of CVac in 3 new
cancer indications. The grant also co-funds several manufacturing
optimization programs to support Prima's efforts to continuously
improve the efficiency of production and prepare for commercial
scale-up of CVac, as well as the expansion of immune monitoring
Prima and the Fraunhofer Institute of Cell Therapy and Immunology
("Fraunhofer IZI") submitted a joint proposal and will each be
reimbursed for eligible costs incurred on the projects. The grant
reduces Prima's cash requirements for the work by approximately AUD
Funding for the grant has been provided by the German Federal State
of Saxony and the European Union. This grant is in addition to a
grant awarded by the SAB in August 2011 of EUR 4.1 million to support
European manufacturing costs and parts of the CANVAS clinical trial.
Matthew Lehman, Prima's CEO: "Prima is delighted by the news of this
additional grant from the Saxony Development Bank. This allows Prima
to move forward with pilot trials of CVac in new indications in
addition to ovarian cancer and potentially broaden the clinical
utility and commercial attractiveness of CVac. Given that mucin 1 is
overexpressed on a number of cancer types and our data indicate that
CVac induces a mucin 1-specific T cell response, exploring new
indications with our established platform is a sensible progression
in the development of our CVac franchise."
Marc Voigt, Prima's CFO and Managing Director of Prima's German
subsidiary: "We are very pleased by the support Prima is receiving
from the State of Saxony and our project partners like the Fraunhofer
IZI. The Leipzig area is an important hub for developing immunology
and cell-based therapies. Prima is very proud of our position as a
leader in t
Prima will finalize protocols for the new trials and looks to
announce detailed plans in the second calendar quarter of 2013.
About Prima BioMed
Prima BioMed is a globally active leader in the
development of personalized bio-therapeutic products for cancer.
Prima is dedicated to leveraging its technology and expertise to
bring innovative treatment options to market for patients and to
maximize value to shareholders. Prima's lead product is CVac(TM), an
autologous dendritic cell-based product currently in clinical trials
for ovarian cancer patients in remission and soon to be in trials for
other cancer types.
For further information please contact:
Ms. Jessica Brown
Prima BioMed Ltd.
+1 (919) 710-9061
Mr. James Moses
+61 (0) 420 991 574
Mr. Axel Muehlhaus
+49 (0) 69 905505-52
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