RENSSELAER, N.Y., and MELBOURNE, Australia, Dec. 15 /PRNewswire/ -- Australian biotech Cytopia and New York based Myomatrix Therapeutics today announced a collaboration that could lead to breakthrough treatments for heart failure and hypertension.
Myomatrix has worldwide exclusive rights to develop and commercialize therapies for certain cardiovascular diseases by inhibiting a kinase target. This target is a breakthrough approach already validated in animal studies, and represents a completely novel mechanism for the treatment of heart failure and hypertension.
Cytopia has worldwide exclusive rights to several kinase targets and has already developed highly potent and specific inhibitors.
Cytopia head Dr Kevin Healey said, "Under the jointly-funded work program, Cytopia will provide its specific inhibitors to Myomatrix for testing in animal models and the data generated will be jointly owned. The first product is being targeted at a chronic "orphan" disease, which has no current treatment and a potential market of US$500 million. The next products will target heart failure and hypertension."
Dr Shreefal Mehta, the CEO of Myomatrix said, "The collaboration with Cytopia accelerates Myomatrix's program forward by at least two years. We are very impressed with the capabilities of Cytopia and its strong intellectual property position in the kinase area."
Dr Healey said the collaboration with Myomatrix opened up a major new therapeutic area for Cytopia's technology in addition to immune diseases and cancer, in which it had already made major breakthroughs. "Myomatrix has extremely strong skills in the biological and clinical aspects of these diseases, whereas Cytopia provides the necessary drug discovery and medicinal chemistry expertise," he said. "Upon success in this research collaboration, we do not discount the possibility of the two companies operating more closely in the near future."
ABOUT THE COMPANIES
Myomatrix Therapeutics LLC is a privately held biopharmaceutical company based in Rensselaer, New York, with core expertise in developing therapies for cardiovascular diseases. http://www.myomatrix.com/.
Cytopia is a Melbourne-based drug discovery company focused on the treatment of immune diseases and cancer. It is an 80%-owned subsidiary of Medica Holdings Limited . http://www.cytopia.com.au/
Medica Holdings Ltd, an ASX-listed Pooled Development Fund, specialises in investing in the biotechnology sector. Visit our website at: http://www.medica.com.au/.
Myomatrix Therapeutics LLC
CONTACT: Dr Shreefal Mehta, Chief Executive Officer of MyomatrixTherapeutics LLC, +1-518-331-8078, email@example.com; or Dr Kevin Healey,Chief Executive Officer of Medica Holdings Limited, +0409-413-402,firstname.lastname@example.org