On October 12, 2023, Edesa Biotech, Inc. (“Edesa”), a clinical-stage biopharmaceutical company, received a funding commitment of up to C$23 million from the Government of Canada. The funding was provided under the Federal Government’s Strategic Innovation Fund (SIF) following a competitive review process, and will support a pivotal Phase 3 clinical trial for Edesa’s groundbreaking therapeutic candidate.
Edesa's experimental drug, EB05 (paridiprubart), belongs to a novel category of treatments known as Host-Directed Therapeutics (HDTs), designed to modulate the body's own immune response when confronted with infectious diseases or even chemical agents. Importantly, these therapies are agnostic to the causal agent and can be stockpiled pre-emptively for seasonal outbreaks and unexpected emergencies and threats.
The Minister of Innovation, Science, and Industry, François-Philippe Champagne, announced that the government's funding from the Strategic Innovation Fund (SIF) will bolster the nation's life sciences sector, enhancing its competitiveness and readiness for future health crises. Edesa plans to allocate the SIF funding to cover study-related costs, such as hospital and physician expenses, and potential scaling of the commercial drug product contingent upon the success of the development program.
Fasken advised Edesa with a team comprised of Wojtek Baraniak, Myroslav Chwaluk, Alexis Shamess, Aniket Bhatt (Corporate/Commercial) and Armand Benitah (Intellectual Property).
Jurisdiction
- Ontario
