Shares in biomarker specialist Proteome Sciences rose almost 5% on Monday morning after it announced the EU was to award €11m to a consortium of which it is a member.
Euro-HYP-1, a consortium of academic, clinical and industrial European partners that includes Proteome, has been awarded the grant for new research into the treatment of strokes.
The study will examine the benefits of cooling the brains of victims after they have had a stroke.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Pilot studies had shown that cooling the brain within six hours of a stroke could be remarkably effective in saving patients and reducing brain damage, Proteome said.
The grant will be used to fund an EU-wide multicentre Phase 3 clinical trial in 25 countries involving 60 participating universities to treat 1,500 volunteer stroke victims with mild hypothermia.
"Early diagnosis and hypothermic therapy may provide a low cost and effective way to treat the 15m people annually who have a stroke and which is the second leading global cause of death," said Dr. Ian Pike, Chief Proteome's Operational Officer.
Shares in the firm were up 4.6% at 10.15am.
-
Should you invest in Netflix?Netflix opened almost 15% higher today (22 January) after the company beat revenue expectations and smashed subscriber forecasts. Should you invest in the streaming giant?
-
Herald shareholders vote down Saba proposalsSaba Capital’s attempt to take control of seven UK investment trusts has stumbled at its first hurdle, as Herald shareholders vote down proposals
