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Spinifex Pharmaceuticals
03 / 09 / 2008
Spinifex says it has investment of $12 million from GBS Venture Partners, Brandon Capital Partners and Uniseed to development pain management drug EMA401.
Spinifex said the funding was in two tranches, with the first $6 million received and the second tranche targeted for phase II clinical trials of EMA401 due to start in late 2009.
The Melbourne-based Spinifex said it was established in 2005 to develop new drug candidates for the treatment and management of pain.
Lead candidate, EMA401, is an orally available small molecule drug in phase I trials under an investigational new drug application with the US Food and Drug Administration, with
results from the first clinical trial expected at the end of this year or early 2009.
Spinifex's principal technology relates to the discovery made by University of Queensland researchers led by Prof Maree Smith, of a novel pathway for the treatment of neuropathic and inflammatory pain.
Spinifex chief executive officer Dr Tom McCarthy said the company was "very pleased to have secured the support of these key investors and are buoyed by the strength of the
venture capital funding system in Australia for companies with strong prospects, particularly in the context of the ongoing pressure on listed biotechnology companies". Spinifex was spun-out from the University of Queensland's commercialization arm,
Uniquest.
Dr McCarthy said the funding was targeted at taking the company's lead candidate through phase II trails, but Spinifex was also working to deepen its clinical pipeline. Spinifex is a private company.
Spinifex said the funding was in two tranches, with the first $6 million received and the second tranche targeted for phase II clinical trials of EMA401 due to start in late 2009.
The Melbourne-based Spinifex said it was established in 2005 to develop new drug candidates for the treatment and management of pain.
Lead candidate, EMA401, is an orally available small molecule drug in phase I trials under an investigational new drug application with the US Food and Drug Administration, with
results from the first clinical trial expected at the end of this year or early 2009.
Spinifex's principal technology relates to the discovery made by University of Queensland researchers led by Prof Maree Smith, of a novel pathway for the treatment of neuropathic and inflammatory pain.
Spinifex chief executive officer Dr Tom McCarthy said the company was "very pleased to have secured the support of these key investors and are buoyed by the strength of the
venture capital funding system in Australia for companies with strong prospects, particularly in the context of the ongoing pressure on listed biotechnology companies". Spinifex was spun-out from the University of Queensland's commercialization arm,
Uniquest.
Dr McCarthy said the funding was targeted at taking the company's lead candidate through phase II trails, but Spinifex was also working to deepen its clinical pipeline. Spinifex is a private company.