A contract manufacturing company in Australia has been given AU$3 million (£1.37 million) to fund research into a daffodil extract which could treat the effects of Alzheimer's disease.
Keata Pharma, which is a subsidiary of PharmEng International, received the financial boost from the Atlantic Canada Opportunities Agency in order to help with research and eventual commercialisation of the product.
Alan Kwong, the chief executive officer of PharmEng, stated that it is collaborating with a number of facilities across the globe including a biomedical team at Alzeim Limited based in Wales.
He continued: "The potential for this product as a natural and cost-effective treatment for Alzheimer's disease will provide the Sydney facility with manufacturing volumes that will push the limits of the plant capacity given the anticipated demand."
PharmEng has its headquarters in Toronto, Canada and provides validation, engineering, regulatory affairs and compliance solutions to clients in biotechnology and pharmaceutical sectors.
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