The Canadian Cancer Society is applauding the announcement by the Canadian Alliance for Cancer Research that it has acquired $3 million in funding from the Clover Health Health Investments group.
“Clover Health has a long-standing commitment to working collaboratively with the cancer community to develop innovative cancer treatments and innovative research tools, and this is a critical step in that effort,” said Dr. Daniel Burt, the president of the Canadian Cancer Societies’ (CCS) Canada-wide network of research institutes.
“The investment by Clover provides the CCS with a solid platform to bring on a diverse team of experienced and well-trained scientists and researchers, and to provide a comprehensive clinical pipeline of research, clinical trials, and clinical trials data that can be used in conjunction with our other research and clinical research projects,” he added.
The new fund comes as Clover Health is preparing for its own new drug development and manufacturing operations, according to the company.
It is also expected to have a number of additional clinical research centers, including a dedicated Cancer Research Centre and the Clinical Development Centre, and a new research centre that will focus on research on the molecular biology of cancers.
Clover is one of the world’s largest producers of generic drugs, with a global market share of more than 90 per cent, according the CSC.
Clobidum and its main competitor, Nuvigil, are approved for the treatment of colorectal cancer and lung cancer.
Cloe Health also is developing a number other medical products including a cancer vaccine that is expected to be available by the end of the year.