Canada Awards $6.7 Million To Support COVID-19 Therapeutic Candidate's Development

The Government of Canada has awarded a contribution of up to $6.7 million to support the Phase II development of Metablok (LSALT Peptide), Arch Biopartners Inc.'s therapeutic drug candidate to prevent organ inflammation and injury in patients hospitalized with COVID-19.

The Phase II clinical trial is currently underway in the United States and Turkey. Health Canada has also issued approval and is preparing to begin dosing patients in Canada.

"Once approved, this drug has the potential to be an important tool to save lives, improve long-term health, and reduce the strain on Canada’s medical system. Investments like these not only help protect and support Canadians through this pandemic, but also help lay the foundation for a better-prepared, healthier, and more prosperous future," stated the Honourable Navdeep Bains, Minister of Innovation, Science, and Industry, in a press statement.