Biovail Corporation (NYSE, TSX: BVF) and MedGenesis Therapeutix Inc. today announced that The Michael J. Fox Foundation (MJFF) for Parkinson's Research has awarded a $2.1 million grant to Biovail Laboratories International SRL (BLS) and MedGenesis Therapeutix, Inc. to further their collaboration in the development of glial-cell line derived neurotrophic factor (GDNF). The grant will be made over a 3-year period; with the total amount being subject to the attainment of specific milestones.
“We are delighted to be partnering with The Michael J. Fox Foundation – the recognized leader in the quest to find a cure for Parkinson’s disease,” said Bill Wells, Biovail’s Chief Executive Officer. “We take great pride in our Mission – to develop medicines that provide meaningful benefits to people living with unmet medical needs, and GDNF would certainly qualify as such a medicine. We currently have four development-stage compounds that target Parkinson’s disease. We are grateful for MJFF’s support and look forward to a productive relationship in the future.”
GDNF is being developed by BLS and MedGenesis pursuant to a December 2009 collaboration agreement. In previous clinical studies, GDNF has shown promise as a potential disease-modifying therapy for the treatment of Parkinson's disease. GDNF is a naturally-occurring growth factor capable of protecting and promoting the survival of dopamine producing nerve cells.
“The support of MJFF moves us closer to our goal of developing a potential breakthrough in the treatment of patients with Parkinson's disease,” said Dr. Erich Mohr, Chairman and CEO of MedGenesis.About Biovail Corporation Biovail Corporation is a specialty pharmaceutical company engaged in the formulation, clinical testing, registration, manufacture, and commercialization of pharmaceutical products. The Company is focused on the development and commercialization of medicines that address unmet medical needs in niche specialty central nervous system (CNS) markets. For more information about Biovail, visit the Company’s Web site at www.biovail.com. About MedGenesis Therapeutix Inc. MedGenesis is a privately-held biopharmaceutical company committed to developing and commercializing innovative therapeutics to provide life-enhancing treatments to patients with serious neurologic diseases. MedGenesis is a worldwide leader in CED, a minimally invasive technique that provides for targeted, local treatment of CNS conditions such as epilepsy, brain cancer and other severely debilitating diseases of the CNS.