Magnolia Neurosciences Receives $20 Million CPRIT Grant to Develop Therapies to Treat Chemotherapy-Induced Neurological Conditions

August 27, 2018

Magnolia Neurosciences Corporation (Magnolia) announced on 8/27/18 that Korysso Therapeutics, Inc. (DBA: Magnolia Tejas Corporation), the company’s wholly owned, Houston-based subsidiary, has been awarded a $19.95 million grant from the Cancer Prevention and Research Institute of Texas (CPRIT) to fund the development of a novel targeted therapy for the treatment of neurological conditions caused by chemotherapy. Once the grant contract is consummated, CPRIT will fund the advancement of the company’s lead molecule through the completion of Phase 1 and into Phase 2a clinical development. The company expects to initiate a Phase 1 clinical trial in the second half of 2019.

Magnolia Tejas is developing a targeted therapy for these conditions, including chemotherapy-induced peripheral neuropathy (CIPN) and chemotherapy-induced cognitive dysfunction (CICD or chemo brain) based on discoveries made by scientists in The University of Texas MD Anderson Cancer Center’s (MD Anderson) Therapeutics Discovery division and the Neurodegeneration Consortium (NDC).

CIPN results from drug-induced damage to peripheral nerves, which results in pain, numbness and tingling in the hands and feet. It is estimated that in the United States alone there are two million people living with CIPN and there is no approved therapy for the condition. CICD, which affects more than 200,000 patients each year, is characterized by general cognitive and memory problems that can last for years.

“The neuropathy and neurocognitive challenges caused by chemotherapy not only decrease a patient’s quality of life, but also can prevent them from completing the optimal chemotherapy regimen, ultimately affecting survival,” said Philip Jones, Ph.D., vice president of Therapeutics Discovery at MD Anderson, co-author of the CPRIT grant and a scientific advisor to Magnolia Neurosciences. “New treatments that address the underlying cause of CIPN are urgently needed, and a targeted approach has the potential to address the specific biologic mechanisms that contribute to peripheral nerve damage. We greatly appreciate the support from CPRIT to fund this important project.”

Magnolia Neurosciences was launched in 2018 with a  $31 million Series A investment by Accelerator Life Science Partners. It was co-founded by world class researchers at The University of Texas MD Anderson Cancer Center. The company is focused on the creation of a novel class of neuroprotective medicines.

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