BOSTON--(BUSINESS WIRE)--Proteome Systems Ltd. (ASX:PXL - News) an Australian company with offices in Boston, MA, announced at BIO 2007 a significant licensing and commercialisation opportunity for its Eukarion topical compounds.
PXL has agreed to partner with a new venture, Minerva Healthcare Inc., being launched by the founders of Impax Laboratories, Athena Diagnostics and Ivax Pharmaceuticals.
Minerva Healthcare plans to focus on developing and commercializing topical products and medical devices to treat various dermatological conditions with large unmet needs (‘dermal discomforts’) including radiation dermatitis caused by cancer treatment, wound healing, skin ulcers, scars and skin conditions caused by aging and sun damage.
Dr. Fleming, Chairman and CEO of Minerva Healthcare added, “We have closely watched the development of the Eukarion compounds for almost a decade, and have been very impressed by their efficacy and safety data; this license is an extraordinary commercial opportunity for Minerva.”
PXL has granted an option to license its topical Eukarion compounds to Minerva Healthcare for development and commercialization subject to Minerva Healthcare completing an initial capital raising. Under the terms of the deal, PXL will receive an upfront license fee of US$4million together with a further milestone payment for clinical development, 12% royalties on sales of products and a 10% equity stake in Minerva Healthcare.
Minerva Healthcare’s applications are likely to be focused around a combination of four core technologies, including the Eukarion topical compound series owned by Proteome Systems.
PXL will also have board representation rights.
Proteome Systems CEO Dr. Jenny Harry commented: “This is an exciting opportunity for commercialization of our Eukarion assets. We completed a proof of concept study in humans last year demonstrating the efficacy of these compounds in treating radiation induced dermatitis. The proposed deal with Minerva Healthcare provides us with a very clear and rapid path to market for both over the counter and FDA approved topical products.”
Dr. Harry added: “We welcome the opportunity to work with Dr. Charlie Hsiao, Dr. Nigel Fleming and Mr. Barry Edwards who between them have extensive experience in the pharmaceutical industry. They have a proven track record in the industry of founding and growing successful businesses, with one of their ventures, Ivax Pharmaceuticals valued at US$7.4billion.”
Dr. Harry was last week appointed as CEO and succeeds Stephen Porges who has been CEO for the past two years and will step down in late May to become a non-executive director of the Company following retirement as CEO. Dr. Harry has served as Deputy CEO of the Company for the past two years with responsibility for developing and implementing strategic initiatives to significantly grow the business, including integration of the US-based Eukarion therapeutics business, acquired in 2005.
About Minerva Healthcare
Minerva Healthcare Inc., an emerging specialty pharmaceutical and medical device company is the first “pharmadevice” company to exclusively focus on dermal discomforts with significant unmet needs. Minerva’s suite of medical devices and topical cosmeceuticals will address a spectrum of wounds, burns and other discomforts which share the common biochemical pathway of oxidative stress. The company was founded by three experienced pharmaceutical executives with proven track records in creating and running successful venture-backed companies;
Charlie Hsiao PhD has co-founded two publicly traded specialty pharmaceutical companies, Ivax Pharmaceuticals and Impax Laboratories (of which he is currently Chairman). Ivax was sold for US$7.4 billion, and Impax currently has a market cap of about US$600 million. Between the two companies he has directly participated in raising over US$800 million in equity capital.
Nigel Ten Fleming PhD founded Athena Diagnostics serving variously as Chairman, CEO and VP of Business Development. The company was sold in 2006 for US$283 million to Fisher Scientific International after previously being sold to Athena Neurosciences/Elan Pharmaceuticals in 1995, where Dr. Fleming became Director of Business Development, responsible for drug in-licensing. He is also a director of Impax Laboratories and Genmedica (Barcelona). Barry Edwards was the CEO of Impax Laboratories from 1999-2006, and was a key player in raising US$500 million for the company. During his tenure, he grew the company to US$200M in sales as a fully integrated specialty pharmaceutical company. He was previously VP of Business Development at Teva Pharmaceuticals, the largest generics company in the world.
About Proteome Systems
Proteome Systems Limited (ASX:PXL - News) is a product pipeline company which discovers and develops diagnostics and therapeutic products. The Company has extensive expertise in the discovery and development of protein and glycoprotein biomarkers with a focus on diseases for which there are large global markets and unmet need for diagnostics and drugs such as infectious disease, cancer and neurodegenerative disease. The Company has a portfolio of small molecule drug compounds (Eukarion compounds) which have potential application for the treatment of a range of diseases, including dermatological conditions.
PXL’s scientific leadership is demonstrated by its track record in partnering with leading US and European companies, clinical groups and research institutions to collaborate on its research programmes and develop the outcomes for diagnostic and therapeutic application.
Contact: DatelineMedia for Proteome Systems Ltd. Susan Fitzpatrick or Sarah Duckett, +1-650-798-5238 (USA) Australia: +61 2 9006 1614 Cell: 650-279-7771 susan@datelinemedia.com sarah@datelinemedia.com
Source: Proteome Systems Ltd.
