08. Juni 2016 Proteo receives US$ 1 million grant for a new Elafin drug formulation

Proteo, Inc. (OTCQB: PTEO) announced today that its wholly-owned German subsidiary Proteo Biotech AG, a clinical stage pharmaceutical development company, has been awarded a BFEI grant from the German State of Schleswig-Holstein. The grant has a volume of up to EUR 874,000 (approx. US$ 1 million) and will be used for the R&D program to develop a new formulation of Proteo's lead compound Elafin. Juergen Paal, Chief Operating Officer of Proteo Biotech AG stated: "A new formulation for Elafin will allow us to extend our development pipeline to treat chronic diseases, such as pulmonary arterial hypertension (PAH) with highest possible convenience for the patients." Birge Bargmann, Proteo's Chief Executive Officer commented: "The successful positioning of this innovation in the market will open up a high growth potential for our company and enhance our competitiveness." Die komplette Pressemitteilung finden Sie hier...