Biotech company secures grant for brain injury research

Perth-based biotechnology company Argenica Therapeutics has secured a $1.2 million grant from the Federal Government to develop new ways of reducing brain tissue death after a brain injury.  

Argenica received the funding for its traumatic brain injury preclinical research activities.

The ASX-listed company will undertake preclinical activities to determine the efficacy of the polyarginine drug in “preclinical animal models of mild repeated and moderate traumatic brain injury,” the statement said.

The project aims to build of existing preclinical data in animal models of severe traumatic brain industry that shows the polyarginine drug is effective in reducing injury to brain cells following traumatic brain injuries.

The company will collaborate with the Department of Industry, Science and Resources, along with project partners to finalise the grant agreements.

Argenica was one of 19 applicants to receive funding through round 13 of the government’s cooperative research centre projects program.

Minister for Industry and Science Ed Husic announced the $44 million worth of projects on Thursday.

“I am pleased to announce support for 19 outstanding projects through the CRC-P initiative to assist them progress towards commercialisation,” he said.

“Supporting industry, researchers and end-users to work together off the back of great Australian know-how is crucial to delivering real outcomes, creating well-paid, secure jobs and backing industries to support our economy.”

At close of market, Argenica shares were up 1.12 per cent to 45 cents.