 Press Releases9th July 2003 Scrip Photopharmica signs first partner and raises cash Photopharmica, a new UK company spun out of the centre for photobiology and photodynamic therapy at the University of Leeds, has signed a deal with its first co-development partner and has raised £3.5 million of venture capital in its second financing round. The partner, which the company would not name for commercial reasons, is a major multinational player in the photodynamic therapy (PDT) arena, CEO John Lyon told Scrip, and is to co-develop Photopharmica's lead anti-infective candidate. Costs will be shared 50:50 and there is an option built in to extend the deal if the product progresses successfully. Photopharmica's platform technology is in the emerging field of Photobiology, using light-sensitive drugs for disease prevention, early detection, imaging and treatment. The company has two lead candidates in the anti-infective and cancer areas. The anti-infective lead now partnered is highly selective as in the discovery stage it eradicated infection without damaging surrounding tissue, a major concern with PDT. Mr Lyon said that the drug-to-light interval with Photopharmica's products is less than half a day, which suggests that they could offer the benefit of outpatient treatment. And the problem of photosensitivity is reduced to hours rather than days. A partner is being sought for the anticancer lead, which also has high selectivity and is intended for precancerous conditions and early cancer. The cash raised will be used to take Photopharmica's candidates to proof of principle and to develop industrial applications. The technology has strong antibacterial properties and can destroy antibiotic-resistant organisms such as the hospital superbugs - mulitresistant pathogens. The company's chief scientific officer is Professor Stanley Brown, who holds the Yorkshire Cancer Research Chair at the University of Leeds, and is director of the centre of photobiology and PDT. He was recently appointed chair of the National PDT advisory board to advise the government and industry. Photopharmica is funded by the regional White Rose Seedcorn Fund, which is owned by the universities of Leeds, Sheffield and York and can provide finance to companies that are based on research conducted in the colleges. > menu |
