Artelo Biosciences Expands Stony Brook Commercial License Agreement for FABP5 Platform for Development of Lead Cancer, Pain and Inflammation Compounds
Recent $4.2 Million NCI Grant for FABP5 Inhibitor Development Demonstrates Validation of the Platform
LA JOLLA, Calif., June 29, 2020 (GLOBE NEWSWIRE) -- Artelo Biosciences, Inc. (NASDAQ: ARTL), a clinical stage biopharmaceutical company focused on the development of therapeutics that modulate the endocannabinoid system, today announced that it has expanded its existing research and worldwide commercial license agreement with The Research Foundation For The State University of New York, Stony Brook. Artelo has obtained exclusive rights to recently developed, third-generation fatty acid binding protein 5 (FABP5) inhibitors. The company plans to select a lead cancer therapeutic compound from these compounds, as well as to identify additional candidates for pain, inflammation and other conditions, facilitating a potentially significant expansion to the company’s development pipeline. Many of the third generation FABP5 inhibitors have shown greater potency and/or selectivity to FABP5.
“We continue to believe in the promise of lipid signaling pathways as a target for cancer therapeutics. Expanding our agreement with Stony Brook to include additional third-generation FABP5 inhibitors that have shown encouraging pre-clinical results in cancer, inflammation and pain, provides a significant opportunity to both explore this potential and strategically prime our development pipeline,” stated Gregory D. Gorgas, Artelo’s President and Chief Executive Officer. “Stony Brook’s recently awarded NCI grant further validates the FABP5 approach while providing non-dilutive funding to advance the development of product candidates arising from the platform. Our exclusive worldwide license to these product candidates will enable meaningful value creation, including seeking intellectual property protection and discussions with potential partners to help accelerate the development of our FABP5 inhibitors in multiple indications.”
Fatty acid binding proteins are intracellular lipid chaperones, and transport fatty acids, including the endocannabinoids anandamide and 2-arachidonoylglycerol, as well as related N-acylethanolamines. Inhibition of FABP5 has been shown to suppress the growth and migration of breast and prostate cancers in preclinical models, and may have the potential to treat pain, based on animal studies where elevated levels of endocannabinoids showed beneficial effects on measures of stress, pain, and inflammation.
About Artelo Biosciences
Artelo Biosciences, Inc. is a San Diego-based biopharmaceutical company dedicated to the development and commercialization of proprietary therapeutics targeting the endocannabinoid system. Artelo is rapidly advancing a portfolio of broadly applicable product candidates designed to address significant unmet needs in multiple diseases and conditions, including anorexia, cancer, pain, and inflammation. Led by proven biopharmaceutical executives collaborating with highly respected researchers and technology experts, the company applies leading edge scientific, regulatory, and commercial discipline to develop high-impact therapies. More information is available at www.artelobio.com and Twitter: @ArteloBio.
About Stony Brook University
Stony Brook University, widely regarded as a State University of New York (SUNY) flagship, is going beyond the expectations of what today’s public universities can accomplish. Since its founding in 1957, this young university has grown to become one of only four University Center campuses in the SUNY system with over 26,000 students, more than 2,700 faculty members and 18 NCAA Division I athletic programs. SUNY’s faculty have earned numerous prestigious awards, including the Nobel Prize, Pulitzer Prize, Indianapolis Prize for animal conservation, Abel Prize and the inaugural Breakthrough Prize in Mathematics. The University offers students an elite education with an outstanding return on investment: U.S. News & World Report ranks Stony Brook among the top 40 public universities in the nation. Its membership in the Association of American Universities (AAU) places Stony Brook among the top 62 research institutions in North America. As part of the management team of Brookhaven National Laboratory, the University joins a prestigious group of universities that have a role in running federal R&D labs. Stony Brook University fuels Long island’s economic growth. Its impact on the Long island economy amounts to $7.38 billion in increased output. Our state, country and world demand ambitious ideas, imaginative solutions and exceptional leadership to forge a better future for all. The students, alumni, researchers and faculty of Stony Brook University are prepared to meet this challenge.
Forward Looking Statements
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and Private Securities Litigation Reform Act, as amended, including those relating to the Company’s product development, clinical and regulatory timelines, market opportunity, competitive position, possible or assumed future results of operations, business strategies, potential growth opportunities and other statement that are predictive in nature. These forward-looking statements are based on current expectations, estimates, forecasts and projections about the industry and markets in which we operate and management’s current beliefs and assumptions. These statements may be identified by the use of forward-looking expressions, including, but not limited to, “expect,” “anticipate,” “intend,” “plan,” “believe,” “estimate,” “potential,” “predict,” “project,” “should,” “would” and similar expressions and the negatives of those terms. These statements relate to future events or our financial performance and involve known and unknown risks, uncertainties, and other factors which may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include those set forth in the Company’s filings with the Securities and Exchange Commission, including our ability to raise additional capital in the future. Prospective investors are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise, except to the extent required by applicable securities laws.
Investor Relations Contact:
Crescendo Communications, LLC
Released June 29, 2020