Funding Advances Fight Against Type 2 Diabetes & Obesity
15th June 2005: UUTech Limited (UUTech), the University of Ulster’s (UU) technology transfer arm, has advanced the fight against type 2 Diabetes and obesity by providing funding for the development of novel antidiabetec drugs.
The funding is for Diabetica Limited (Diabetica), a specialty biotechnology company focused on the development of antidiabetic therapeutic products based on natural physiological molecules. UUTech is co-investing with Seroba BioVentures Limited (Seroba) a dedicated life sciences venture capital fund.
Diabetica, based in UU, Coleraine, was established in 2004 to commercialise research from the 5* rated (highest possible score in the UK HEFCE University Research Assessment Exercise) Diabetes Research Group (DRG) at UU. The company is founded on proprietary technology developed in the DRG under the leadership of scientific co-founders Professor Peter Flatt, Professor Finbarr O’Harte and Dr Neville McClenaghan.
Commenting on the funding, Matt O’Driscoll CEO of Diabetica said: "We are delighted with the validation this funding gives to our technology. Funds will be used primarily for development work on our lead programme, glucose-dependent insulinotropic polypeptide (GIP) therapeutics. This is the first stage in a fund raising and corporate partnering campaign over the next 12 months designed to advance our products into the clinic."
Diabetica’s GIP programme involves developing bio-engineered therapeutic peptide analogues. Using patent protected modifications of native GIP, Diabetica’s products are potentially “best in class” insulin stimulating GIP agonists and are "first in class" insulin sensitizing GIP antagonists. These are exciting new approaches to the treatment of type 2 diabetes and related obesity. GIP based therapies promise advantage over existing and other planned diabetes/obesity therapies which can have shortcomings such as poor efficacy, difficult dosing regimens and adverse side effects.
Brian O’Connor Chairman of UUTech said: "This successful funding round is a prime example of the role UUTech is playing in supporting the commercialisation of UU research. UUTech is delighted at the progress made so far. We will work to ensure that Diabetica has the best possible chance of success during the development phase of this exciting science over the next several years. Diabetica represents the latest investment in UUTech’s portfolio, which ranges from therapeutics and medical devices to software."
Alan O’Connell a Partner at Seroba said: "We are pleased to have participated in Diabetica’s first funding round. We were attracted by Diabetica’s novel approach to addressing unmet clinical needs in the diabetes and related obesity area and its team of internationally recognised scientists."
Notes to Editors
About Diabetes
With some 150 million diagnosed cases worldwide and possibly a further 50 million undiagnosed cases, and consumption of some 10 to 15% of Western healthcare budgets, diabetes and related complications (such as kidney disease, blindness and heart disease) are amongst the world’s major healthcare problems. Escalating rates of obesity and ageing populations mean that diabetes is also one of the world’s fastest growing diseases. With predictions of diagnosed cases to reach 300 million in the next 20 years, diabetes is a disease of epidemic proportions with a major social and economic impact.
The bio-pharmaceutical industry is now investing heavily in developing or acquiring therapeutic, drug delivery and diagnostic solutions in the areas of diabetes and obesity, creating significant opportunities for the development of Diabetica’s products.
Diabetica Limited
Diabetica is a development stage specialty biotechnology company focused on the discovery, development and commercialization of proprietary peptide analogue-based treatments for diabetes and related obesity.
Seroba BioVentures Limited
Seroba BioVentures was founded in 2002 to manage the Irish BioScience Venture Capital Fund which is the first venture fund in Ireland dedicated solely to the life science sector. It invests in early stage biotechnology, medical device and speciality pharmaceutical companies on the island of Ireland.
Contact Peter Sandys - Telephone: +353 1 2140400 or email petersandys@seroba.ie
UUTech Limited
UUTech is the knowledge and technology transfer arm of UU. It manages the research commercialisation process from the point of technology disclosure to licensing and/or spin-out. UUTech is 100% owned by UU.
For further information contact
Claire Aiken, Aiken PR
00 4428 9066 3000/07831 717535
|
Home