By Jessica Sier

Bayer AG said Tuesday that its Canadian arm will invest and partner with a research institute in the country to identify treatments against the new coronavirus.

The German chemical company will invest 1.5 million Canadian dollars ($1.1 million) into the program, run in conjunction with the Population Health Research Institute.

The institute has provided C$0.5 million.

The program aims to research the safety and efficacy of different combination therapies including Bayer's chloroquine and interferon beta-1b, the company said in a statement.

"Treatments against coronavirus are urgently needed as no validated options are currently available," Dr. Mike Devoy of the executive committee of Bayer's pharmaceuticals division and chief medical officer, said.

"We want to contribute to the global fight against the coronavirus through our products and expertise and look forward to partnering with the PHRI."

The research institute aims to enroll 6,000 patients into the two studies from more than 60 other research sites.

Write to Jessica Sier at jessica.sier@wsj.com

(END) Dow Jones Newswires

April 21, 2020 09:15 ET (13:15 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
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