GPC Biotech, Ingenium Receive €2.2 Million Joint Drug Discovery Grant

GPC Biotech AG and Ingenium Pharmaceuticals AG have announced the joint receipt of a grant totaling €2.2 million in committed funding from the German Ministry for Education and Research through its BioChancePLUS program.

Each company is to receive grant money totaling €1.1 million until the year 2007. This funding will support collaborative drug discovery efforts with the goal of rapidly advancing novel drug targets toward clinical testing.

The grant was transferred from Axxima Pharmaceuticals to GPC Biotech and involves collaborative work initiated between Axxima and Ingenium. The goal of the collaboration is to establish proof of concept for the activity of specific kinase inhibitors in animal models covering several disease areas.