UQ biotech company climbs the ladder for snake venom-research
(PhysOrg.com) -- QRxPharma Limited, established by UniQuest in 2002 to commercialise therapeutics research from The University of Queensland (UQ), has formed Venomics Pty Ltd, a company that established a joint venture with Liaoning Nuokang Medicines Co Ltd (Nuokang) to develop the commercial potential of two snake-venom based discoveries.
Seeking to finance clinical trials for dual opioid drug research initiated within UQ's Faculty of Health Sciences, QRxPharma made ASX history as Australia's biggest biotechnology float in 2007. The company, which had an initial market capitalisation of $150 million, issued 25 million shares to new investors to raise $50 million to develop pain therapy products.
Nuokang is a leading, fully integrated biopharmaceutical company based in Shenyang, China, which manufactures and markets haematological and cardiovascular products. Its flagship product, Baquting, is China's most widely used haemocoagulase product for the treatment or prevention of bleeding, and contains an enzyme obtained from the venom of the snake species Bothrops atrox.
Nuokang's investment of US$5M in QRxPharma's venomics assets has led to the formation of Venomics Pty Ltd, a Hong Kong-based subsidiary company incorporated in Australia, with operations in China. The new company will be led by Ms Janette Dixon as CEO. QRxPharma CEO and Managing Director, Dr John Holaday, will assume the role of Chairman of the Board of Directors.
“This is a very important milestone for one of UniQuest's most successful start-up companies,” said UniQuest's Managing Director, David Henderson.
“Strategic partnerships like this make it possible for Australian research commercialisation to benefit on many levels.
"The capital injection will help to advance the venomics research, while the collaboration will open up new market contacts and opportunities for QRxPharma's other technologies in the fields of pain management and neurodegenerative disease.
“We congratulate the QRxPharma team on securing this investment and the opportunity to work with a leading international biotech company renowned for its extensive experience in developing therapeutics for the market.”
Venomics Pty Ltd will license the rights to commercialise two lead haemostasis product candidates: Textilinin, an antifibrinolytic agent and HaempatchTM, a potent pro-coagulant, which were developed at The University of Queensland by Professor Martin Lavin's group in the University's Centre for Clinical Research.
• Textilinin has potential to reduce blood loss in major surgery. In pre-clinical testing, Textilinin has compared favourably to other antifibrinolytic products, particularly in relation to side effects.
• Haempatch is highly effective in clotting blood and stopping blood flow (haemostasis) and has shown promising results in pre-clinical testing.
The lack of effective treatments for blood loss in surgery and trauma has generated a clear market for products like Textilinin and Haempatch, the two main venomics therapeutics currently in the QRxPharma technology pipeline.
The transfer of QRxPharma's venomics assets to the new company was officially announced on 24 September, with the transaction expected to be completed next month. UniQuest will continue to support commercialisation opportunities for other venomics research projects at UQ and its partner research commercialisation institutions.
Provided by UQ
