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Diabetica Announces A Development Licence For Gip Agonist Antidiabetic Therapeutics |
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08 Mar 2006 |
COLERAINE, Northern Ireland | Mar 07, 2006 | Diabetica Limited (Diabetica) today announced a worldwide licensing agreement that provides Amylin Pharmaceuticals, Inc. (Amylin) (San Diego, California) with exclusive rights to Diabetica's intellectual property for the development of GIP Agonists.
Diabetica was established in 2004 to commercialise discoveries at the Diabetes Research Group in the University of Ulster (UU) under the leadership of scientific co-founders Prof Peter Flatt, Dr Neville McClenaghan and Prof Finbarr O'Harte. Diabetica's funding to date has been provided by UU's technology transfer arm UUTech Limited (UUTech) and by Seroba BioVentures Limited (Dublin, Ireland).
Glucose-dependent insulinotropic polypeptide (GIP) is a naturally occurring intestinal hormone that plays an important physiological role in assisting the human body to maintain appropriate blood sugar levels. In healthy people, GIP levels rise during a meal to increase circulating insulin and to help the body utilize and control elevated blood sugar levels. GIP is also understood to contribute to the health of the insulin-producing cells in the body. GIP is, however, rapidly broken down in the blood, limiting its effectiveness for diabetes sufferers.
GIP discoveries at UU include the development of novel insulin-stimulating GIP molecules (GIP Agonists), with a substantially prolonged duration and potency of action. These novel therapeutics have the potential to correct the deficiencies of insulin production and blood sugar control associated with Type 2 diabetes.
Under the GIP Agonist agreement with Amylin, Diabetica will receive an upfront payment and may receive development, regulatory approval and revenue-based milestone payments over a number of years which could total US$41million, as well as royalties on future sales of licensed GIP Agonist therapeutics developed by Amylin.
Commenting on the Amylin agreement Matt O'Driscoll a Diabetica director said: “We are delighted with the validation that this agreement, with a world leader in novel diabetes therapeutics, gives to our GIP programmes”.
Brian O'Connor, chairman of UUTech, said: “This deal with Amylin is major recognition of University of Ulster science and a significant boost for the Northern Ireland biotech sector. UUTech is very pleased to have assisted in the commercialisation of this promising GIP technology”.
Diabetica will continue the internal development of its insulin-sensitizing GIP molecules (GIP Antagonists), for the treatment of obesity-related diabetes and metabolic syndrome.
Dr Enda Kenny, recently appointed Diabetica CEO, said: “We are now preparing to raise a venture capital funding round during 2006. These funds will help advance our internal product development programmes and add value to our pipeline of diabetes-related technology".
SOURCE: Diabetica, Ltd |
