Stephen Porges, CEO of PSL made the US announcement today at the BIO Investor Forum [San Francisco, October 19-20], where the company was invited to present to some of the country's leading biotech investors. [Time: 10.20am, Location: Twin Peaks South, Palace Hotel, San Francisco]
Proteome Systems Limited [PSL], an Australian publicly listed company [ASX : PXL] with its US office in Boston, is internationally sought-after for its diagnostic and therapeutics expertise in the fields of respiratory disease, neurobiology and ageing, cancer and infectious diseases.
"PSL's "catalytic scavenger compounds" are small molecule compounds that show potential in a broad spectrum of therapeutic applications in the neurodegenerative, cardiovascular, and inflammatory areas," said Porges.
"They have been shown to prevent various forms of radiation-induced tissue damage, and are therefore considered to be potentially promising agents for treating victims after radiation exposure."
The $20 million grant is for a consortium consisting of Proteome Systems, Medical College of Wisconsin [MCW], Henry Ford Health Systems in Detroit, and the University of Toronto which will develop Proteome's proprietary therapeutic compounds for the treatment of radiation damage.
"It is expected these drugs will protect not only victims of exposure to a "dirty bomb" or similar radioactive device, but also first responders who would need to go into attack areas. They would also be developed for non-military radiation injury such as the debilitating effects caused by radiation treatment for cancer," Porges said.
The funding bid was organized by Professor John E. Moulder, a cancer researcher and professor of radiation oncology at the Medical College of Wisconsin, whose research has been devoted to developing methods for preventing and treating radiation injuries.
Consortium member MCW hosts a National Institute of Allergy and Infectious Disease (NIAID) Centre for Medical Countermeasures Against Radiation which develops new medical products to protect against, mitigate the effects of, and treat the short-term and long-term consequences of radiation exposure due to terrorist attack.
The MCW Centre plans to develop therapies for treating victims of radiological terrorism or radiation accidents, with particular focus on protecting the lung, kidney, gut, and brain.
Proteome Systems' role in this effort will be to provide its novel synthetic catalytic scavengers (SCS) as potential drugs, and to work with the other members of the consortium to develop these compounds for clinical application. Twenty scientists from the consortium partners will work on the project over five years.
About Proteome Systems:
Proteome Systems Limited [PSL] is a dynamic medical technology company with internationally sought-after diagnostics and therapeutics expertise in the fields of respiratory disease, neurobiology and ageing, cancer and infectious diseases. PSL's scientific leadership is demonstrated by its track record in partnering with US and European companies and research institutions to develop its core technologies and molecular compounds for use in diagnosis and treatment of some of the world's most debilitating and fatal conditions and diseases. PSL has a therapeutic and diagnostic portfolio which includes 22 worldwide patents (including 12 US patents) for its small molecule compounds, and another 23 pending which cover topical, injectable and potentially oral delivery forms.
The company is led by Chief Executive Officer, Stephen Porges, who has a 20 year history in international investment banking and stockbroking. Porges is driving the company's highly successful commercialization and investor relations program and global growth and acquisition strategy. The company's Discovery and Diagnostics division is headed by Dr Jenny Harry, a co-founder of the company with an extensive background in molecular biology. PSL commenced operations in 1999, and was listed on the Australian Stock Exchange in September 2004.
Additional information about Proteome Systems can be found at http://www.proteomesystems.com.