As hundreds of companies continue to pursue the development of different vaccines for the COVID-19, Onconova Therapeutics Inc. (NASDAQ:ONTX) is seeking funding from the National Institutes of Health (NIH) to join the race. The funds will help the company enhance its human studies with rigosertib, a potential candidate for SARS-CoV-2.
The company says it is hopeful of getting the funds having applied with the National Institute of Allergy and Infectious Disease (NIAID). It is not clear when the application will receive a positive consideration, but Oconova’s CEO Steven M. Fruchtman says that rigosertib has been demonstrating impressive inhibition compared to other controls being studies, including agents being studied and administered.
Onconova Is In Very Early Stages with Its COVID-19 Work, but It Is Optimist about Its Success
With the rapid spread of the coronavirus, the status of desperation across the world continues to escalate. Infections are rising, and so is the loss of lives. There is so much uncertainty as to when the pandemic is likely to end.
Nonetheless, everyone is hopeful that from the many vaccine trials underway, at least one of them would save the situation. Meanwhile, Onconova has just started on its COVID-19 work. Despite being in its early stages, the company’s Chief Medical Officer, Richard C. Woodman, says they should make a positive impact on the pandemic. Hence, they will pursue every effort necessary.
Onconova’s platform has generated a comprehensive pipeline of clinical products
Since its incorporation in 1998, the company’s interest has been developing novel drugs to treat cancer. The initial focus was on the myelodysplastic syndromes (MDS), a condition suffered more often by people of advanced ages. While this has remained the primary concentration to date, over the years, it has digressed into clinical products resulting in a broad pipeline.
Onconova uses a novel chemistry platform, which defines its discovery approaches. Meanwhile, it has also entered into several Distribution, License and Supply Agreement with companies such as Specialised Therapeutics Asia and Knight Therapeutics Inc. among others.