Ark Therapeutics receives grant for foetal medicine project

Ark Therapeutics has been awarded an EU Framework Programme 7 Grant for its collaborative work on a new foetal medicine project.

The medical technology firm – which is the sole industrial partner involved in research in the University College London-led consortium – will receive funding to conclude final pre-clinical toxicology and initiate clinical development of Ark's EG013 programme.

Up to six million euros (4.87 million pounds) will be allocated over six years to aid the development of this new treatment for foetal growth restriction during pregnancy, subject to the formal process of contract negotiation with the European Commission.

The company has also received a notice of allowance for its US patent application for the technology, with final approval expected over the next two months.

Martyn Williams, chief executive of Ark, said: "The award of this grant for Ark's FGR product is further validation of the excellent science that underpins Ark's innovative early stage pipeline."

This comes after the company was granted an important regulatory approval from the Finnish Medicines Agency for GMP 3, its newest and largest production facility.