Press Releases
14 November
Imperial Innovations Annual Report - PolyTherics Limited
Overview
PolyTherics, a biotechnology company, has discovered a way of slashing the cost of the production of expensive drugs for life-threatening diseases, such as hepatitis C and cancer, by improving their performance in the body and therefore patients' prospects. PolyTherics' innovation applies to existing and new treatments by enhancing what is already on the market and will make future developments work even better.
The technology, called TheraPEG, works by modifying drugs to exploit the natural properties of proteins (including antibodies) with no further engineering required. Proteins are expelled in a matter of hours from the human body but this safe process delivers a variety of beneficial alternatives; TheraPEG allows proteins to stay in the body longer or make them more soluble so they can reach diseased tissue more effectively. Patients therefore may experience fewer side effects and need fewer treatments, while the production process is cheaper.
Market opportunity
The market for traditional PEGylation has expanded considerably and the TheraPEG ™ technology is positioned both to address existing markets and to open new markets, particularly in the antibody field. PolyTherics already has revenue-generating development contracts in place with several companies and is in discussions with a number of other parties. Turnover of the company in the year to 30 April 2007 was £1 million.
Progress
In June 2007 the company raised £2.3 million second round funding and will use the funds to further its own produc development based on antibody fragments to combat cancers. The company already has six trade partners including Shantha Biotech Limited and Biocompatibles International plc.
PolyTherics was founded in 2002 upon expertise developed in the laboratories of Professor Steve Brocchini, a leading polymer chemist from the London School of Pharmacy, and Professor Sunil Shaunak, a specialist in infectious diseases from Imperial College and Antony Godwin. The company's team is led by CEO Dr Keith Powell who was formerly Head of Intellectual Property at AstraZeneca. Mike Hayes, an Executive Director of Biotica has joined the company as Non-Executive Chairman. He has 20 years' experience in the pharmaceutical industry, including his previous role as the Executive Vice President of Global R&D and Chief Technology Officer of Amersham Biosciences.
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Article featured in Imperial Innovations Group plc - Annual Report and Accounts 2007
14 November 2007
