Binghamton Based Company aims to fight COVID-19 with Rheumatoid Arthritis Drug
BINGHAMTON (WBNG) -- Within the office space of the Koffman Incubator in downtown Binghamton, CEO and Co-founder of New Amsterdam Sciences Michael Wilhelm and his team are working with entities across the state and the globe to help those suffering from Rheumatoid Arthritis.
What they did not anticipate through their studies was the ability of the drug to help in the fight against COVID-19. Wilhelm told 12 news their drug specifically targets the immune system.
“We address and target the immune response and that’s it,” he said. “We target inflammation caused by any viral; acute viral infections like keeping the immune spots damp and it creates a less attractive environment for replication of a virus. It also allows your immune system to function more effectively.”
As of right now, Wilhelm said he hopes their candidate for RA will undergo two Phase II trials with the FDA.
One, for the purpose of the drug pertaining to Rheumatoid Arthritis and the second pertaining to treating COVID-19.
“We’re in the process of raising capital, as any biotech company does,” he said. “So it’s no surprise that we have to go out and raise money. Even though we could submit our Phase II study trail to the FDA today, for RA; we’d love to, (but) there are some supportive studies that we’re conducting right now that allows us to strengthen that study design, and the application so we get the clearance for Phase II.”
The CEO said they are looking into various ways they could administer the drug. He said due to money, and the amount of time it takes to push a candidate through all of the drug trials, it could be up to two years before the public could be using it.
“Everything is driven by dollars, so It’s a $30 to $40 billion market it’s important that we get it out there as a partnership would be with any Pharma would be very helpful to getting us there faster, but it’s going to cost roughly $20 million and another 2 1/2 years to get it through the Phase II and Phase III Process,” he said.