LifePharms, a New London-based biotech company, has secured a $299,998 Small Business Innovation Research grant from the U.S. Department of Health and Human Services.

The Shaw Street drug-discovery company will use the money to research and develop compounds to fight drug-resistant fungi.

“We are looking forward to using these monies to develop several compounds that have shown high potency and activity against drug-resistant strains of fungi,” E. Edward Mena, chief executive officer of LifePharms, said. “Since the population of HIV and immune-compromised patients is growing, the need for novel antifungals, particularly against drug resistant fungi, is urgent.”

U.S. Rep. Joe Courtney, D-2nd District, announced the grant Saturday.

“When I visited LifePharms late last year, I was impressed by their seven-person operation,” Courtney said. “As a strong supporter of SBIR grants, I have no doubt the grant they secured will make a big difference in their ongoing research, and will keep eastern Connecticut on the cutting edge of innovation.”