On February 21, 2019 Linnaeus Therapeutics, Inc. ("Linnaeus"), a privately held biopharmaceutical company focused on the development and commercialization of novel, small molecule oncology therapeutics, reported it has been awarded a Phase 2 Small Business Innovation Research ("SBIR") Award by the National Cancer Institute ("NCI") of the National Institute for Health ("NIH") (Press release, Linnaeus Therapeutics, FEB 21, 2019, View Source [SID1234539504]).

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The $2,000,000 award was granted to the company after a highly competitive peer-review process. The award will help fund the early development of its lead compound, LNS8801, which targets a G protein-coupled receptor, known as GPER, for the treatment of various cancers.

"This award provides a strong peer-reviewed validation of the core science that is the basis of LNS8801 and its target GPER," said Patrick Mooney, M.D., Chief Executive Officer of Linnaeus. "This money will allow us to further develop LNS8801 as a potentially safe, oral and effective therapeutic for the treatment of various cancers, including melanoma, pancreas, lung and colon cancers, among others. We plan to aggressively develop LNS8801, and we hope to continue our relationship with NCI over the long term."