Canada to invest $23 million in Ontario-based Edesa Biotech, Inc.
Summary
Edesa is a biopharmaceutical company based in Markham, Ontario, that is seeking to advance Phase III clinical trials for its monoclonal antibody therapy (EB05), for the treatment of acute respiratory distress syndrome (ARDS) in COVID-19 patients. For moderate to severe cases of ARDS, there are currently few meaningful treatments, other than supplemental oxygen and mechanical ventilation, and patients suffer high mortality rates.The proposed project is built on the positive results generated from the companys Phase II trials, which were previously funded by the SIF in 2021 and also endorsed by the COVID-19 Therapeutics Task Force.This groundbreaking project aligns with Canadas Biomanufacturing and Life Sciences Strategy and will support increased innovation, as well as world-class expertise and infrastructure for clinical trials. This project is yet another example of our governments determination to better address current and future health care issues, while creating good jobs and securing long-term economic growth." Edesa has a track record of delivering successful results on time and on budget, and this continued support from the Strategic Innovation Fund will allow us to accelerate our research plans, expand our reach to more hospitals and move another significant step closer to commercialization. The federal governments contribution supports the acceleration of Edesas Phase III clinical study to demonstrate the safety and efficacy of EB05 for the treatment of acute respiratory distress syndrome (ARDS) caused by COVID-19.
Funding
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