The two co-founders of biopharmaceutical company Protemix have bought the intellectual property assets out of liquidation in a bid to revive a once promising diabetes treatment programme.Garth and Margaret Cooper have placed the assets, including valuable
The two co-founders of biopharmaceutical company Protemix have bought the intellectual property assets out of liquidation in a bid to revive a once promising diabetes treatment programme.
Garth and Margaret Cooper have placed the assets, including valuable patents, in a not for profit entity called PhilERA.
In a statement they said the move is part of a “renewed focus to realise the health benefits envisaged at the time the research programme was founded.”
Professor Cooper and John Baker founded Protemix in 1999 to develop and commercialise drug therapies for the prevention and treatment of cardiovascular disease, diabetes, and other metabolic disorders.
Their lead compound, Laszarin, is targeted to treat diabetic heart failure; a leading cause of death among some 181 million diabetes suffers globally.
The company had its eye on achieving sales revenue of $1.8 billion from a booming global market.
However, despite being initially well funded – including $13 million of government grants since 2003 – the company was unable to get results out of clinical trials.
Professor Cooper resigned from his executive roles and directorship of Protemix in 2006, at a time the company was controlled by associates of Bill Birnie.
The company undertook a series of successful fundraisings including a significant investment from the Novartis Venture Fund in April 2007.
However, there was never enough money to continue the programme.
After being unable to attract sufficient new capital from new or existing shareholders Mr Birnie called in Laurence Chilcott and Stephen Tietjens as joint liquidators in July this year.
Since 1999, up to $60 million of shareholder funds have been spent on the venture.
Latest accounts to June 2009 show the company had total assets worth $319,241 and liabilities of $1.95 million.
Last year the company sold several sub-80 degree freezers to a rival company based in the US.
The liquidators first report showed Protemix's liabilities increased to $2.15 million as at June this year.
