Protemix IP Purchased by Co-founder of Research

Protemix IP Purchased by Co-founder of its Research

PhilERA, a company owned by Margaret Cooper, has completed the purchase of intellectual property assets formerly owned by Protemix Corporation Limited.

The assets have been acquired in an open bidding process upon the liquidation of Protemix.

In the early 1990s, Garth and Margaret Cooper founded and supported for more than a decade, a research and development programme that aims to provide new medicines for treatment of diabetes and its complications, in particular cardiovascular disease. Diabetic cardiovascular disease is one of the leading causes of death and disability globally, for which effective medicines are largely lacking.

Protemix’s development programme was recognised by the United States Food & Drug Administration through the award of Investigational New Drug (IND) status and a rare Fast-Track Award for its lead compound, a new first-in-class medicine for treatment of heart failure in diabetes. The company undertook a number of successful fundraisings including a significant investment from the Novartis Venture Fund in April 2007.

Garth Cooper resigned from his executive roles and directorship of Protemix in 2006, at a time the company was controlled by associates of Bill Birnie.

PhilERA will feed the important IP rights to a not-for-profit model as part of a renewed focus to realise the health benefits envisaged at the time the research programme was founded.

ENDS

© Scoop Media