Cancer Research Gets One Step Closer To A Cure

New Zealand Cancer Research Gets One Step Closer To A Cure

Pathway Therapeutics, a drug discovery and development company founded in New Zealand, has announced that it has met an important drug development milestone.

The announcement triggered a US$4.5 million portion of its Series A private equity placement, led by GBS Venture Partners, Australia and CM Capital Investments, Australia with co-investors the Breast Cancer Research Trust, the Trans-Tasman Commercialisation Fund, and the New Zealand Venture Investment Firm.

“It’s thrilling for technology that was founded in New Zealand to be making such significant advances, and we’re very excited about the implications for breast cancer treatment in this country, and around the world, following these achievements,” says Breast Cancer Research Trust’s CEO, Tony Moffatt.

The funding will be used to advance Pathway Therapeutics' lead dual inhibitor of PI3 kinase alpha and mTOR (PWT33597) to the clinic in 2011, and to support ongoing discovery efforts in isozyme selective and irreversible PI3K inhibitors. PI3 kinase and mTOR are key enzymes involved in controlling cell growth and are of particular interest as potential cancer and inflammation therapeutic targets.

"We are very excited to reach this milestone. The contributions of the founding Auckland team led by Professors Bill Denny and Peter Shepherd were critical in the selection of the lead compound PWT33597, now moving into preclinical development," remarked Mark Harvey, Pathway's chairman of the board.
There are many ways to support the Breast Cancer Research Trust in finding a cure for breast cancer – visit the website www.breastcancercure.org.nz

Note to editors:

Pathway Therapeutics is a privately held pharmaceutical company focused on the discovery and development of next generation PI3-kinase (PI3K) inhibitors for the treatment of cancer and inflammatory diseases. The company was founded in 2008 based on technology from the University of Auckland. Pathway's platform is directed toward the discovery and optimization of PI3K inhibitors with excellent isoform selectivity and highly differentiated pharmacologic and pharmaceutical profiles. The company is leveraging this founding science and management's deep drug discovery and development expertise to advance its programs efficiently from discovery into clinical development. Pathway's lead compound, PWT33597, a dual inhibitor of PI3K alpha and mTOR, is in preclinical development.
Pathway Therapeutics is located in San Francisco, CA and can be found online at www.pathwaytx.com.