In the press

November 10, 2023

Orange Grove Bio Subsidiary Awarded $2.05 Million SBIR Phase II Grant to Advance Development of Novel Platelet Preservation Technology

OGB Also Announces Key Appointments to Board of Senior Advisors and the Opening of New Headquarters

The following excerpt was taken from GlobeNewswire – continue reading here.

CINCINNATI, Sept. 28, 2023 (GLOBE NEWSWIRE)  Orange Grove Bio (OGB), a drug investment and development firm, today announced that Preservation Bio, one of the firm’s majority-owned subsidiaries, has been awarded a $2.05 million Small Business Innovation Research (SBIR) direct-to-Phase II grant by the National Heart, Lung, and Blood Institute, one of 27 institutes under the National Institutes of Health (NIH) umbrella. The funding will be used to advance Preservation Bio’s novel approach to preserving platelets, which is designed to allow donated platelets to survive at refrigeration temperatures for up to 14 days, more than doubling their shelf life. By significantly extending the amount of time that donated platelets remain viable for use in life-saving transfusions, Preservation Bio aims to address the healthcare industry’s growing platelet shortage, a major bottleneck in transfusion needs.

Unlike red blood and other products, platelets are stored at room temperature because they do not tolerate refrigeration. This results in a short shelf life of five-to-seven days before expiration and up to 15% of all collected platelets are discarded. Preservation Bio seeks to transform blood banking for donated platelets with an ex vivo additive that protects platelets from the damage normally caused by refrigeration.

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