May 05, 2009
Fast Forward, LLC and Provid Pharmaceuticals Announce Partnership for Development of PV-267, A Unique Compound Intended to Redirect the Abnormal Immune Response In Multiple Sclerosis
New York, USA and North Brunswick, NJ, May 5, 2009 – Provid Pharmaceuticals, Inc, a drug discovery company, and Fast Forward, LLC, the National Multiple Sclerosis Society’s subsidiary devoted to bridging the gap between research and drug development, today announced a partnership to support Provid’s preclinical studies of PV-267. This novel compound is designed to redirect the abnormal immune response associated with multiple sclerosis (MS).
The agreement with Provid is the second in a series of partnerships between Fast Forward and early stage biotechnology companies. “We are pleased to partner with Provid to accelerate the development of new treatments for MS,” said Dr. Timothy Coetzee, President of Fast Forward. “PV-267 represents an innovative approach to inhibiting key pathways in the immune system in MS.” Adds Dr. Coetzee “Given the enormous challenges associated with drug development for MS relative to other diseases it is vital that we use Fast Forward’s resources to seed as many high quality commercial research programs as possible. PV-267 fits our profile for an innovative early stage opportunity.”
The National Multiple Sclerosis Society funds research in a range of scientific areas including immune mechanisms, genetics, nerve regeneration, and symptom managements. The agreement with Provid is a part of the Society’s Fast Forward initiative through which Fast Forward will partner with early stage biotechnology and pharmaceutical companies to develop treatments, diagnostics, medical devices, and related technologies to treat, reverse, and ultimately cure MS. Under terms of the agreement, Fast Forward will provide Provid with funds to support pre-clinical studies with PV-267 in collaboration with Dr. Thomas Forsthuber at the University of Texas at San Antonio. In addition, Fast Forward will receive warrants for purchase of shares in the company.
“Fast Forward’s support of the PV-267 program provides a strong, independent validation of our approach to the treatment of MS,” said Dr. Gary Olson, President and CEO of Provid. “We are very pleased to partner with a world leader in MS research to help us move PV-267 from the laboratory into development.”
About Fast Forward, LLC
Fast Forward, LLC is a nonprofit organization established by the National Multiple Sclerosis Society in order to accelerate the development of treatments for MS. Fast Forward will accomplish its mission by connecting university-based MS research with private-sector drug development and by funding small biotechnology/pharmaceutical companies to develop innovative new MS therapies and repurpose FDA-approved drugs as new treatments for MS. For more information visit: www.fastforward.org
About Provid
Provid Pharmaceuticals Inc. is a drug discovery company that has expertise in the design and optimization of drug candidates for biological targets, using concepts of structure-aided design, medicinal chemistry, and peptide mimetics technology. The company has applied this capability to internal programs in autoimmune disease and oncology. In addition, Provid supplies expert medicinal chemistry services to the biotech and pharmaceutical industries to translate early biological discoveries into commercial opportunities. For more information, please go to: www.providpharma.com