Kinex News
Back to headlines
October 1, 2006
Kinex Receives Grant Awards
Kinex Pharmaceuticals is the recipient of a $107,000 Phase 1 SBIR grant from the National Cancer Institute. The grant entitled “Commercial Development of Src Kinase Inhibitors for Oncology” will be used for the continued development of KXO1. By receiving a Phase 1 award, the Company will be eligible to apply for a Phase 2 award which are typically in the amount of $750,000 - $1 million. Dr. Johnson Lau, Executive Chaiman of the Board said, “Securing capital via the grant mechanism is a very desirable means of funding development programs for Kinex and is also in the best interest of our shareholders”.
The New York State NYSTAR program has provided two grants to Kinex, in the last 12 months. The first grant, in the amount of $170,000, was from the 2005-2006 funding period. An additional $150,000 has been granted from the current 2006-2007 budget. The total amount of grant funding in 2006 has exceeded $425,000.