BIRMINGHAM, Ala., March 10, 2011 /PRNewswire/ — PNP
Therapeutics, Inc. — an early-stage Birmingham-based
biopharmaceutical company created from research conducted at
Southern Research Institute and The University of Alabama at
Birmingham (UAB) — today announced that several major
objectives have been reached in the development of its therapeutic
technology platform and proprietary products for the treatment of
cancer.

“A number of important regulatory and financial efforts came to
fruition, enabling PNP Therapeutics to begin a crucial phase in
product development,” said Frank R. Hunt, chief executive officer
of PNP Therapeutics,
Inc.   “We are delighted that we accomplished these goals
so we can continue moving our technology products forward.”

According to Hunt, those objectives included:

• Receiving FDA approval of its Investigational New Drug (IND)
  application which will now allow PNP to conduct its first-in-man
  studies;
• Signing an agreement with UAB to conduct clinical trials at its
  Comprehensive Cancer Center;
• Enrolling and treating the first clinical trials patient;
• Closing on a second round of funding worth $1,217,635 from its
  original investors;
• Gaining a commitment from Southern Research Institute to become
  a direct investor in the company; and
• Being awarded a $245,000 grant from the federal government as
  part of its Qualifying Therapeutic Discovery Project.

At the center of PNP’s Therapeutic System is a patented enzyme
(E. coli purine nucleoside phosphorylase) which has been
shown to work with a variety of well-characterized nucleoside
prodrugs generating active metabolites with high levels of
anti-tumor activity. PNP Therapeutics is the exclusive licensee of
a comprehensive collection of patents that broadly and specifically
cover the Company’s technolog

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