Partner Mannin Research Inc has received funding to carry out a proof of concept study for a new therapeutic for eye condition glaucoma, in which the optic nerve is damaged.
The R&D funding comes from the National Research Council of Canada Industrial Research Assistance Program (NRC IRAP) and the number of potential patients demanding better treatments make this a multi-billion-dollar opportunity, says QBiomed.
The company has licensed the Mannin Tie2 technology, and is collaboratively developing the Tie2 platform for glaucoma, and other indications.
It has the potential to treat several additional, vascular related diseases, such as acute kidney injury, and cardiorenal syndrome.
"As our understanding about the Angiopoietin-Tie2 system grows, I am very excited about the clinical therapeutic possibilities," said Dr. Sarah Quaggin from Mannin.
The new biologic would be an additional product to the Mannin Tie2 pipeline.
Meanwhile, Q BioMed said development of the MAN-01 small molecule for the treatment of primary open-angle glaucoma continues on-pace and is now at a point where the most active candidates will be selected for final testing and optimization as a soluble, topical eye drop that permeates well into the eye.
It is anticipated that pre-clinical IND enabling studies will begin in the second quarter of 2018.
Shares in New York eased 0.27% to US$3.69.