The Heparosan-based drug delivery system involves conjugating a naturally occurring sugar molecule, heparosan, to a drug.
This system helps the drug to stay in the body for longer, thus increasing its activity, the company said.
Heparinex and its wholly owned subsidiary, Caisson Biotech are believed to be benefited in terms of process development, documentation and characterization of heparosan as a drug delivery agent.
In addition, the funding will also bring about accomplishment of commercial requests for supply of heparosan at larger scales, suitable for use in clinical trials.
Heparinex managing director Breca Tracy said the grant has given additional recognition to their drug delivery technology.
"It facilitates opportunities for Heparinex and Caisson to address unmet market needs," Tracy added.