Sydney, October 14 2013: Biopharmaceutical company Innate Immunotherapeutics has announced the successful migration of its operations from Auckland, New Zealand to Sydney, Australia.
Innate Immunotherapeutics’ CEO Simon Wilkinson says that the move is a significant milestone for the company following strong interest from both pharmaceutical companies and investors around its lead drug MIS416, which is being primarily used for the treatment of Secondary Progressive Multiple Sclerosis (SPMS).
“Australia is an attractive market for both capital investment as well as clinical need. On the back of our successful Phase 2A clinical trial data completed to date on MIS416 in New Zealand, we are now seeking to commence a large, randomized Phase 2B trial using MIS416 in multiple states in Australia.”
“We are increasing our profile with key investors in Australia as we consider our funding options in the short to medium term.”
Australia’s bioeconomy sector has generated $7.48 billion in revenue selling products both domestically and internationally from 2010-2012, and has attracted direct foreign investment of over $450 million per annum.
“We are pleased to move our operations over to Australian shores and we believe that Innate will benefit from Australia’s comparative advantage and strength in the pharmaceutical and life sciences sector as well as contribute to the country’s growing bioeconomy,” said Simon Wilkinson.
About Secondary Progressive Multiple Sclerosis (SPMS) and MIS416
Innate’s lead drug, MIS416 is currently researched for Secondary Progressive Multiple Sclerosis (SPMS). The company’s MIS 416 Phase IIa trials have showed that 80% of patients have shown at least a 30% (or greater) improvement in at least one measure of multiple sclerosis-related symptoms. 87% of patients treated in an ongoing compassionate use programme also in NZ have reported moderate to significant improvements many aspects of health related quality of life. Multiple Sclerosis is estimated to cost Australia over $1billion each year while the actual cause and a cure for the disease is yet to be found.
About Innate Immunotherapeutics
Innate’s technology platform is a unique therapeutic microparticle, which induces the human immune system to fight certain cancers and infections, or turns off certain immune mechanisms, which lead to autoimmune diseases such as Multiple Sclerosis. This technology has blue sky opportunities as it may be used in the design of better vaccines to potentially prevent or treat diseases such as influenza, cancer, malaria or tuberculosis.
For Further Information
Media:
Ben Walsh, Buchan Consulting
02 92372801 / 0468422865
bwalsh@buchanwe.com.au
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