Shanghai, September 2023 – Coval Biopharma has been awarded funding under the "2023 Innovation Funding Scheme for Technology-based Small and Medium Enterprises (SMEs)" by the Science and Technology Commission of Shanghai Municipality. The recognition comes for Coval’s groundbreaking project, “Development of a Novel Ultra-Long-Acting Local Drug for the Treatment of Osteoarthritis with Independent Innovation.” This prestigious program supports cutting-edge technological advancements by SMEs in Shanghai, as outlined in the Shanghai Technology-Based SMEs Technology Innovation Fund Program Management Measures.

Technological Leadership in Zhangjiang Science City

Coval has also been named a key institution in Zhangjiang Science City, further cementing its status as a leader in innovation. This designation recognizes Coval's contribution to critical industries and foundational research. As part of this recognition, Coval is now eligible to benefit from the“Permanent Residence of Talents”policy in Shanghai, enabling the recruitment and retention of high-level talent to address urgent needs in key areas.

About the Funding Program

The Innovation Funding Scheme is a special initiative established by the Science and Technology Commission of Shanghai Municipality. It aims to foster innovation and development in technology-based SMEs, promoting scientific breakthroughs and economic growth across key sectors in Shanghai.

Coval remains committed to advancing novel therapies and driving scientific excellence, reflecting its dedication to improving patient outcomes and contributing to Shanghai’s innovation ecosystem.

About Coval Biopharma

Coval Biopharma was co-founded by a team of seasoned global pharmaceutical executives and focuses on the discovery and development of novel chemical entities to address chronic inflammatory diseases. Leveraging its proprietary MolecularX™ platform, the company has built a promising pipeline of locally delivered immune modulators aimed at suppressing inflammation in targeted tissues while minimizing systemic side effects. Coval's lead programs include JAK inhibitor conjugates for osteoarthritis, psoriasis, and hand arthritis, with several currently in Phase I/II clinical trials in the U.S. and Australia.