Diabetica Announces a Development Licence for GIP Agonist Antidiabetic Therapeutics
Dublin, Ireland, 7 March 2006: Diabetica Limited (Diabetica) (Coleraine, Northern Ireland) today announced a worldwide licensing agreement that provides Amylin Pharmaceuticals, Inc. (Amylin) (San Diego, California) with exclusive rights to Diabetica’s intellectual property for the development of GIP Agonists.
Diabetica was established in 2004 to commercialise discoveries at the Diabetes Research Group in the University of Ulster (UU) under the leadership of scientific co-founders Prof Peter Flatt, Dr Neville McClenaghan and Prof Finbarr O’Harte. Diabetica’s funding to date has been provided by UU’s technology transfer arm UUTech Limited (UUTech) and by Seroba BioVentures Limited (Dublin, Ireland).
Glucose-dependent insulinotropic polypeptide (GIP) is a naturally occurring intestinal hormone that plays an important physiological role in assisting the human body to maintain appropriate blood sugar levels. In healthy people, GIP levels rise during a meal to increase circulating insulin and to help the body utilize and control elevated blood sugar levels. GIP is also understood to contribute to the health of the insulin-producing cells in the body. GIP is, however, rapidly broken down in the blood, limiting its effectiveness for diabetes sufferers.
GIP discoveries at UU include the development of novel insulin-stimulating GIP molecules (GIP Agonists), with a substantially prolonged duration and potency of action. These novel therapeutics have the potential to correct the deficiencies of insulin production and blood sugar control associated with Type 2 diabetes.
Under the GIP Agonist agreement with Amylin, Diabetica will receive an upfront payment and may receive development, regulatory approval and revenue-based milestone payments over a number of years which could total US$41million, as well as royalties on future sales of licensed GIP Agonist therapeutics developed by Amylin.
Commenting on the Amylin agreement Matt O’Driscoll a Diabetica director said: "We are delighted with the validation that this agreement, with a world leader in novel diabetes therapeutics, gives to our GIP programmes."
Brian O’Connor, chairman of UUTech, said: "This deal with Amylin is major recognition of University of Ulster science and a significant boost for the Northern Ireland biotech sector. UUTech is very pleased to have assisted in the commercialisation of this promising GIP technology."
Diabetica will continue the internal development of its insulin-sensitizing GIP molecules (GIP Antagonists), for the treatment of obesity-related diabetes and metabolic syndrome.
Dr Enda Kenny, recently appointed Diabetica CEO, said: "We are now preparing to raise a venture capital funding round during 2006. These funds will help advance our internal product development programmes and add value to our pipeline of diabetes-related technology."
About Diabetes
With some 150 million diagnosed suffers worldwide and possibly as many undiagnosed cases, and consumption of over 10% 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.
About Diabetica
Diabetica is a development stage speciality biotechnology company focused on the development of novel therapeutics and diagnostics in the areas of diabetes, obesity and metabolic syndrome.
About Amylin
Amylin is a biopharmaceutical company committed to improving lives through the discovery, development and commercialisation of innovative medicines. Amylin has developed and gained approval for two first-in-class medicines for diabetes, SYMLIN (pramlintide acetate) injection and BYETTA (exenatide) injection. Amylin is located in San Diego, California with over 1,200 employees nationwide.
For further information:
Diabetica Contacts: Dr Enda Kenny, CEO
Phone:+ 353-87-997-0841
Email: enda.kenny@metaphase.ie
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