Spinifex Pharmaceuticals, an emerging biotechnology company specialising in the development of therapeutics for the treatment of neuropathic pain, has attracted investment from a syndicate including Symbiosis Group Limited, Melbourne-based GBS Venture Partners Limited and Uniseed.
Spinifex Pharmaceutical Managing Director, Dr Michael Thurn said he was delighted by the investment commitment which will help to accelerate their drug development program.
"We've several promising small molecules currently under evaluation and we plan to be in a position to start a formal toxicology program on one of those molecules in 2006," said Dr Thurn.
"The two main causes of neuropathic pain are through diabetes, affecting an estimated 45 per cent of diabetics, and through complications arising from infection with herpes zoster [shingles], known as post-herpetic neuralgia.
"We see a significant world-wide market for our pain therapy, and this investment will progress our efforts in delivering a novel solution."
Spinifex's core technology relates to the discovery (made by University of Queensland researchers led by Professor Maree Smith) of a novel pathway for the treatment of neuropathic pain. Professor Smith's group successfully validated this pathway using small molecules in well-defined animal models of neuropathic pain.
Managing Director of investment company Symbiosis, Dr Mark Harvey, said Spinifex was an attractive investment, led by a strong team with extensive experience in the international and local biotechnology industry
He said the neuropathic pain market targeted by Spinifex's technology was currently valued at US$3 billion.
"With a solid intellectual property position and several 'drug-like' molecules already in hand we expect Spinifex to have a very solid future," he said.
For more information please contact:
Dr Michael Thurn
Managing Director
Tel: +61 7 3842 3153
Spinifex Pharmaceuticals Pty Ltd
Spinifex Pharmaceuticals Pty Limited is an Australian biotechnology company undertaking drug development activities leading to the commercialisation of potential new drug candidates for the treatment and management of pain.
The Company's core strategy is to in-license promising pain drugs at an early stage of development from academic and commercial institutions, and to add value to these 'drug candidates' by designing and implementing effective development programs.
Symbiosis Group Limited
Symbiosis Group Limited is an investment company building a portfolio of innovative life science companies. It is focused on the commercialisation of life science discoveries emanating from one of Australia's leading research intensive universities.
www.symbiosisgroup.com.au
GBS Venture Partners Limited
GBS Venture Partners is Australia's leading life science venture capital group with $300 million under management. GBS invests from seed through early expansion stage and has invested in more than 25 early staged life science companies.
www.gbsventures.com.au
Uniseed
Uniseed is a $35 million commercialisation fund, operating at the Universities of Melbourne and Queensland. It focuses almost exclusively on high technology companies, and invests at the earliest stages of company formation and development. It was the pioneering fund in this area, established in late 2000.
www.uniseed.com
UniQuest Pty Ltd
UniQuest Pty Ltd is one of Australia's most highly regarded university technology transfer groups. A subsidiary company of The University of Queensland, UniQuest's charter is to identify, package and commercialise university technologies and expertise. In the last five years, UniQuest has formed 28 start-up companies and won more than $100 million of investment and government grants into its companies.
www.uniquest.com.au
ABOUT NEUROPATHIC PAIN
Neuropathic pain often develops following damage to peripheral nerves but it may also occur following damage to the spinal cord or the brain. Patients with neuropathic pain report abnormal pain sensations including burning, shooting and stabbing pains that may be produced spontaneously or by an otherwise non-painful stimulus such as light pressure or touch.
There are many causes of neuropathic pain, including diabetes, postherpetic neuralgia, cancer chemotherapy, trigeminal neuralgia, HIV, and others. There is a very large unmet medical need driving the search for new medicines to treat neuropathic pain because at present an estimated one-half of people with neuropathic pain do not respond to available treatments, and many current treatments result in significant side effects.
Diabetic neuropathy is the most prevalent type of neuropathic pain, affecting an estimated 45% of patients within 25 years of diabetes diagnosis. The next most prevalent form of persistent neuropathic pain is postherpetic neuralgia (PHN), a long-term complication of herpes zoster (shingles). PHN is most prevalent in patients older than 50, with 75% of those over the age of 70 experiencing severe pain.
The global neuropathic pain market is currently valued at US$3 billion.