Neuromagen Pharma Announces the Approval of a NIS 1.8M Budget from the Israel Innovation Authority R&D Fund Incentive Program

BEER-SHEVA, Israel, March 21, 2022 /PRNewswire/ -- Neuromagen Pharma Ltd., a company developing a new class of drugs for the treatment of degenerative and senescence-associated diseases, announced today the approval by the Israel Innovation Authority (IIA) of a NIS 1.3 million grant (75% of an approved budget of NIS 1.8 million; ~$500,000). The program may be eligible for a 2^nd year funding of up to NIS 3.5 million under the "women-entrepreneurs" incentive plan. The IIA funds will be used towards advancing AGS-499, Neuromagen's lead drug candidate to IND submission and to first-in-human clinical trials which are expected during 2024.  

Neuromagen is developing a family of patent protected small molecule activators of telomerase reverse transcriptase – a key aging related enzyme which is associated with longevity and senescence. AGS-499, the lead drug candidate, demonstrated outstanding neurogenesis and neuroprotective effects by delaying the onset and the progression of ALS in the hSOD1-G93A Tg mouse model, as well as in neuronal cells derived from ALS patients.

Prof. Esther Priel, Founder and CTO of Neuromagen said: "We are very happy to be receiving the IIA support. The IIA R&D Fund is a very competitive program. These grants are approved following a rigorous and comprehensive professional assessment of our technological innovation, demonstrated preclinical efficacy, workplan and budget, business potential, as well as to our team's ability to execute the workplan". Gil Ben-Menachem, Neuromagen's Founder & CEO added: "In addition to the financial support, the IIA grant approval serves as a mark of quality for our science and our team. The funding will enable us to advance the development of AGS-499 towards first-in-human clinical trials during 2024".

The company will provide an overview of its technology and drug pipeline at the upcoming sixteenth annual BIO-Europe Spring® partnering conference.

About Neuromagen Pharma

Neuromagen Pharma is an early-stage pharmaceutical company developing a new class of innovative small molecules which activate telomerase reverse transcriptase (TERT) – an enzyme which plays a major role in aging-related diseases and in cellular senescence. Neuromagen's pipeline includes drugs for neurodegenerative diseases such as ALS and Alzheimer's, type 1 diabetes, fertility, and cardiovascular diseases.

For further Details please visit Neuromagen.com

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SOURCE Neuromagen Pharma Ltd.