Mecsek Pharma has won a HUF 1 billion state grant to develop medicines and train drug industry professionals, parent company Phylaxia 1912 Holding announced on the website of the Budapest Stock Exchange on Tuesday.
The grant will support phase II clinical trials of a drug aimed at increasing insulin sensitivity for people with type-2 diabetes being developed by N-Gene, another Phylaxia unit and one of the founders of Mecsek Pharma.
Phylaxia said N-Gene had received approval from the US Food and Drug Administration (FDA) to go ahead with the phase II clinical trials.
Phylaxia bought its stake in N-Gene, which was set up by investors and Hungarian researchers, early in the summer. (MTI-ECONEWS)