SAN DIEGO, July 21, 2021 /PRNewswire/ -- Paramita Therapeutics, Inc. (Paramita) has been awarded a National Science Foundation Small Business Innovation Research grant for $255,990 to conduct research and development work on a novel dual-function therapeutic/vaccine product, designated as TheraVax™. TheraVax not only can block entry of SARS-CoV-2 but also can activate the immune system to produce effector T cells and neutralizing antibodies to eliminate SARS-CoV-2. This unique dual-function therapeutic/vaccine could work at an early stage of infection to prevent hospitalization and in mild or severe disease to block viral spread while activating appropriate immune responses.
"NSF is proud to support the technology of the future by thinking beyond incremental developments and funding the most creative, impactful ideas across all markets and areas of science and engineering," said Andrea Belz, Division Director of the Division of Industrial Innovation and Partnerships at NSF. "With the support of our research funds, any deep technology startup or small business can guide basic science into meaningful solutions that address tremendous needs."
"The multivalent chemical conjugation platform that we are developing for COVID-19 will work with other viruses and even cancer cells. Therefore, our platform will have revolutionary impact on society as a whole, not only impacting on the current pandemic but also thwarting future pandemics while providing novel therapies for cancer," said Dr. Sang Van, CEO, Paramita Therapeutics, Inc.
Once a small business is awarded a Phase I SBIR/STTR grant, it becomes eligible to apply for a Phase II (up to $1 million). Small businesses with Phase II funding are eligible to receive up to $500,000 in additional matching funds with qualifying third-party investment or sales.
About Paramita Therapeutics, Inc.: Paramita is an early-stage specialty biotech company focused on developing new therapeutics for cancer and infectious diseases. Paramita can quickly move these new therapeutics to the clinic with our innovative, patented, simple multi-functional chemical platform developed by Dr. Sang Van. We intend to leverage this technology to produce novel multivalent drug conjugates based on known/approved molecules with established safety and toxicology profiles. This strategy allows us to bypass or streamline the extremely expensive and time-consuming process. Paramita is managed by CEO Sang Van, PhD; CSO Jack D. Bui, PhD & MD; and BD Director Sue Zhong, PhD & MBA. www.paramita-therapeutics.com
About the National Science Foundation's Small Business Programs: America's Seed Fund powered by NSF awards $200 million annually to startups and small businesses, transforming scientific discovery into products and services with commercial and societal impact. Startups working across almost all areas of science and technology can receive up to $2 million to support research and development (R&D), helping de-risk technology for commercial success. America's Seed Fund is congressionally mandated through the Small Business Innovation Research (SBIR) program. The NSF is an independent federal agency with a budget of about $8.5 billion that supports fundamental research and education across all fields of science and engineering.
SOURCE Paramita Therapeutics, Inc.