Colorado Advanced Industries Awards Machavert $250K to Develop a Novel Therapeutics Against KRAS Cancers

AURORA, Colo., Nov. 19, 2018 /PRNewswire/ -- Machavert Pharmaceuticals received funding as part of the Colorado Office of Economic Development and International Trade (OEDIT) Advanced Industries (AI) Accelerator Grant Program. A committee comprised of business, technology and finance experts, and industry-specific reviewers, selected Machavert from a pool of startups spanning across the aerospace, information technology, energy, medical devices and biotech industries.

Machavert, a drug development company focused on developing therapeutics for cancer treatment, will use the grant award to advance a new class of cancer therapeutics, RAL GTPase inhibitors, targeting KRAS mutant cancers. The RAL GTPase inhibitors were discovered at the University of Colorado, School of Medicine and relevant research was published in Nature. Machavert has recently entered into an exclusive option and evaluation license agreement with the university for its RAL GTPase related intellectual property.

KRAS mutant cancers are linked to nearly one-third of all cancers and are difficult to treat. The novel RAL GTPase inhibition approach addresses treatment complexities and provides promise for anti-cancer therapy.  As part of this project Machavert plans to combine these novel small molecules with its own drug delivery platform technology, MP1000. 

"Drugging the RAL GTPase pathway offers promise to achieving efficacy against multiple human cancers, including lung cancer. This unique therapeutic approach will be advantageous for patients who currently have few precision medicine treatment options for KRAS mutant cancers," said Dr. Neal Goodwin, Chief Scientific Officer of Machavert. " The applicability of these molecules will go beyond lung cancer toward other KRAS mutant solid tumors such as colon cancer. Additionally, the RAL inhibitors can be combined with Machavert's phospholipid drug delivery platform that shows KRAS specific anti-tumor activity on its own; thus, offering a way to maximize the anti-cancer effect of these therapeutics."

The Economic Development Commission approved twenty-four Colorado companies to receive Proof-of-Concept and Early Stage Capital Grants for a total of over five million dollars. "This award represents a very valuable validation for our company and its drug development program since part of the award process involves in-depth scrutiny by an extensive expert panel," said Dr. Jakub Staszak-Jirkovsky, CEO of Machavert."We are grateful to the state of Colorado for providing non-dilutive funding and acknowledging our impact, as well as improving Machavert's visibility."

The efficacy of MP1000 monotherapy is currently being investigated in human immune system tumor models and MP1000 is entering preclinical IND-enabling studies, a prerequisite for seeking an FDA IND approval for human clinical trial entry. The RAL GTPase project is currently in lead development phase.

About Machavert Pharmaceuticals
Machavert Pharmaceuticals is a preclinical stage drug development company focused on advanced therapies based on its proprietary bioactive phospholipid platform for the treatment of multiple cancers in hematology and solid tumor oncology. The phospholipid platform is being combined with other therapeutics such as small molecules for precision medicine and immuno-oncology. Machavert especially focuses on difficult-to-treat cancers and orphan indications in oncology.

For further information: Jakub Staszak-Jirkovsky, Chief Executive Officer, Machavert Pharmaceuticals, 720.859.4048, investor.relations@machavert.com

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SOURCE Machavert Pharmaceuticals