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News AIKO Biotechnology, Inc. receives a $160,000 Development Award from the Maine Technology Institute for "Novel Pain and Addiction Management Therapeutics." PORTLAND, ME, February 23, 2007. AIKO Biotechnology, Inc. was approved for significant Development Award funding from the Maine Technology Institute (MTI). AIKO will use the funds for further validation of three lead compounds for the treatment of pain and the side effects associated with prescription pain reliever (opioid) use. Together with internal funding, AIKO will determine the oral bioavailability of its lead compounds, confirm their efficacy, solidify AIKO's intellectual property positioning and determine the specific indications best suited for its compounds. These data are critical first steps that will lead to successful clinical trial design and an Investigational New Drug Application to be filed with the Food and Drug Administration. AIKO Chairman, Victor Otley, explained that the MTI award "is key to leveraging the outside financing necessary to develop pharmaceutical products. AIKO will use the MTI match requirement, along with other incentives, to attract investors in this early stage company. The due diligence provided by the MTI provides support for the vetting of the concept and execution plan critical to attracting additional investors. Without this MTI award, AIKO's efforts would have been significantly slowed." Development Awards are a competitive award program offered by MTI three times each year to support early activities for product development, commercialization or business planning and development. Each award requires a 1:1 match consisting of actual cash, salaries, staff time or equipment directly attributable to the proposed project. AIKO's award was one of 11 approved by the MTI Board of Directors for this round of funding. About AIKO Contact | |
| AIKO Biotechnology, Inc. | 2 Union Street | Suite 501 | Portland, ME 04101 | |