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Melbourne, Australia (04 June, 2013). Verva Pharmaceuticals Ltd. ("Verva"
or the "Company") is pleased to announce the grant of United States patent No. 8,455,432, entitled "Insulin Sensitizers and Methods of Treatment", incorporating claims for the use of VVP808 (methazolamide) - alone or in combination with metformin - as a treatment for type 2 diabetes.
"The grant of a US patent is a significant achievement for the Company", said Verva's Board chair, Dr. Ian Nisbet. "We are delighted to add a US patent to our growing portfolio of diabetes assets."
Verva also announced the results of its Annual General Meeting (AGM), held at the offices of K&L Gates in Melbourne, Australia, on 31 May 2013.
Verva's current status, progress, challenges and strategy were elaborated in presentations by Verva's Board chair Dr. Ian Nisbet and CEO Dr. Vince Wacher. Highlights of the last 12 months include:
Completion of a sophisticated metabolomic study supporting Verva's proposed VVP808 diabetes target and initiation of focused technical programs to confirm the VVP808 target hypothesis; . Clinical and preclinical data supporting a potential application of VVP808 and analogues (VVP100X) in non-alcoholic fatty liver disease (NAFLD) and non-alcoholic steatohepatitis (NASH) - a significant and growing unmet medical need and potentially multi-billion dollar market; and . Positive feedback on Verva diabetes programs from discussions with potential partners worldwide.
Verva Shareholders approved all three resolutions presented at the AGM, re-electing Dr. Katherine Nielsen and Dr. Ian Nisbet to Verva's Board of Directors and approving a Convertible Note financing of up to AUD 500,000.
Participation in the Convertible Note financing is available to all current Verva shareholders who meet the definition of "Wholesale Investor" (a person for whom the Company is not required to provide a disclosure document under Chapter 6D of the Corporations Act 2001) and is offered on a pro rata basis to the participants' current Verva shareholding. A description of Convertible Note terms and an Expression of Interest form were included with the AGM Notice of Meeting mailed to shareholders and are also available on-line . Expressions of Interest must be returned to the Company by 07 June 2013.
Further details of these resolutions, along with the Chairman's address and the CEO's report, are available on the Verva Pharmaceuticals website .
Verva Pharmaceuticals Ltd. is a clinical-stage pharmaceutical company developing novel therapies to treat diabetes and related complications.
Verva's lead clinical molecule, VVP808, has completed a successful clinical proof-of-concept study in type 2 diabetes, where twice-daily dosing of
VVP808 for 24 weeks reduced HbA1c relative to placebo and provided additional clinical benefits including weight loss and improved markers of liver function (ALT reduction). The active ingredient of VVP808
(methazolamide) was originally approved in North America over 50 years ago as a treatment for glaucoma. Its unexpected anti-diabetic activity was identified using Verva's proprietary GES discovery platform. Preclinical studies have determined that VVP808 is a new type of insulin sensitizer with a mode-of-action distinct from other diabetes therapies and different to its mode-of-action in glaucoma. Recent preclinical data have also demonstrated that VVP808 reduces liver fat in animal models of diabetes, highlighting a potential application of VVP808 in the treatment of non-alcoholic fatty liver disease (NAFLD) and non-alcoholic steatohepatitis (NASH).
Verva's pipeline includes a focused program to elucidate the molecular target responsible for the VVP808 effect in diabetes and a drug discovery program developing next-generation insulin sensitizers (termed VVP100X) based on VVP808 structure and mode-of-action. Further information can be found on the Company's website www.vervapharma.com.
Vince Wacher, CEO
Australia: +61 (448) 871 479
USA: +1 (760) 271-4783
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