PolyTherics And Celtic Pharma Sign Collaboration Agreement To Explore Technologies For Improved Drug Performance

Main Category: Pharma Industry / Biotech Industry
Article Date: 03 Mar 2008 - 12:00 PDT

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PolyTherics Limited ("PolyTherics"), a biopharmaceutical spin-out company from Imperial College London and the London School of Pharmacy, and Celtic Pharma Development Services Bermuda Ltd ("Celtic Pharma"), a subsidiary of Celtic Pharmaceutical Holdings LP, a global private equity investment fund focused on the biopharma industry, today announced that they have entered into a broad research collaboration agreement. Under the terms of the agreement, PolyTherics' proprietary drug modification technologies will be used to enhance certain of the innovative pharmaceutical products being developed by Celtic Pharma.

The parties plan jointly to develop and validate modifications of drugs submitted to the collaboration by Celtic Pharma, in order to improve their performance and assess their future development potential.

PolyTherics has substantial expertise in the targeted and selective modification of compounds for therapeutic and diagnostic application. Through the application of a platform of polymer-based technologies, it is developing compounds as drug candidates in both existing and emerging markets. With the growing commercial impact of biopharmaceutical products, and particularly next generation antibody fragments, PolyTherics is strongly positioned to address these opportunities. PolyTherics has revenue-generating research and development contracts in place with several companies and is in discussion with a number of others.

Dr Keith Powell, Chief Executive Officer of PolyTherics, said: "We view collaboration through partnership as fundamental to exemplifying the development potential of our proprietary technologies and fulfilling our strategy. The opportunity to collaborate with a high calibre, product-focused company such as Celtic Pharma is a significant milestone in the development of PolyTherics, and we are delighted to be working with Celtic Pharma on several of the products in their portfolio. We believe that our work together will show that PolyTherics' proprietary technologies can be used to improve pharmaceutical products to increase their commercial value."

Celtic Pharma currently has a portfolio of nine novel pharmaceutical products in clinical development across a range of therapeutic areas. Each product is being developed to address important unmet medical needs, and Celtic Pharma aims to move these products rapidly and effectively through clinical development to regulatory approval.

Dr Bill Henry, Managing Director - Global Head of CMC at Celtic Pharma, said: "We are excited about accessing the technology capability of PolyTherics through collaboration and exploring its potential impact on our product pipeline."

About PolyTherics Ltd

Founded in 2002, PolyTherics is a spin-out company from Imperial College London and the London School of Pharmacy that is dedicated to using biomedical polymers to optimise pharmaceuticals for the treatment and cure of the world's most important diseases.

PolyTherics has developed and patented an innovative approach to PEGylation, known as TheraPEG™, to prolong the half-life of proteins for use in drug development. PEGylation is the process by which Polyethylene Glycol (PEG) is attached to proteins and peptides to modify their pharmacokinetic properties for therapeutic application.

PEGylation increases the time that a compound remains in the bloodstream before being metabolised or excreted by the body, thereby improving its half-life and potentially reducing treatment frequency, decreasing side effects and improving patient compliance. For example, PEGylated interferon treatments for Hepatitis C can be administered once rather than three times per week.

PolyTherics received initial funding of £850,000 from the Wellcome Trust (now Catalyst Biomedia) and the Bloomsbury BioSeed Fund. The Company secured a further investment of £2.3 million from Imperial Innovations Group plc, Longbow Capital LLP and The Capital Fund in June 2007.

http://www.polytherics.co.uk

About Celtic Pharmaceutical Holdings LP

Celtic Pharmaceutical Holdings LP ("CPH") is a global private equity investment fund focused on the biotechnology and pharmaceutical industries. CPH acquires and invests in late stage pharmaceutical programmes, providing hands-on management to take them through their development to regulatory approval. The firm's aim is to bridge the gap between the established pharmaceutical companies' new product pipeline crisis and the biotech industry's capital drought.

CPH was founded by its two Managing General Partners, Stephen Evans-Freke and John Mayo, CBE, who have remarkable track-records of building value in the pharmaceutical and biotechnology sectors in the United States and in Europe. They have built a team of talented professionals that bring first-hand experience managing clinical, regulatory, manufacturing, commercial and brand management issues inherent to pharmaceutical development, as well as extensive deal structuring and due diligence, financial management and analysis experience in the industry.

CPH is based in Bermuda with offices in New York and London.

Celtic Pharmaceutical Holdings