Press Release – 14th September 2009
PolyTherics and Minapharm Pharmaceuticals sign Collaboration Agreement to create enhanced biopharmaceuticals
PolyTherics Limited (“PolyTherics”), the biopharmaceuticals company dedicated to precision engineering of proteins to improve their pharmacokinetic properties, today announced the initiation of a research collaboration agreement with Minapharm Pharmaceuticals the leading Egyptian pharmaceutical company. PolyTherics will apply its proprietary drug modification technologies to a target protein of commercial interest to Minapharm. Minapharm has an option to license the collaboration intellectual property for the development and commercialisation of novel products. Minapharm also receives an option to submit further target proteins of interest to future collaborations with PolyTherics.
PolyTherics receives an upfront licence fee and further payments on achievement of defined programme milestones. Details of the agreement terms were not disclosed.
PolyTherics has substantial expertise in the targeted modification of biologic compounds for therapeutic application. Through its platform of site specific poly(ethylene glycol) (PEG)-based technologies, the Company optimises the performance of biologics administered as parenteral drugs.
Minapharm has more than forty years of experience in the pharmaceutical industry and is a regional leader in Egypt, providing in addition innovative high quality biopharmaceuticals to patients in developing countries through its subsidiary Rhein Minapharm Biogenetics.
Dr Keith Powell, Chief Executive Officer of PolyTherics, said: “Through multiple partnerships, we are uncovering the considerable development potential of our PEGylation technologies to create biotherapeutic product candidates. We are looking forward to collaborating with a company with such a solid reputation in innovative pharmaceuticals development as Minapharm.”
Dr Wafik El Bardissi, Chief Executive Officer of Minapharm, said: “A potential success of this research collaboration agreement with PolyTherics offers a viable opportunity for Minapharm to further sustain its regional market leadership while fostering new models of cost-effective biotherapeutic innovation.”
- ENDS -
About PolyTherics Ltd
Founded in 2002, PolyTherics is a spin-out company from Imperial College London and the London School of Pharmacy that is dedicated to using biomedical polymers to optimise pharmaceuticals for the treatment and cure of the world's most important diseases.
PolyTherics has developed and patented an innovative approach to PEGylation, known as TheraPEG™, to prolong the half-life of proteins for therapeutic application. PEGylation is the process by which poly(ethyleneglycol) (PEG) is chemically attached to proteins and peptides to modify their pharmacokinetic properties.
PEGylation increases the time that a compound remains in the bloodstream before being metabolised or excreted by the body, thereby improving its half-life and potentially reducing treatment frequency, decreasing side effects and improving patient compliance.
PolyTherics is established in facilities in the London Bioscience Innovation Centre (LBIC). The Company received investment of £2.3 million from Imperial Innovations Group plc, Longbow Capital LLP and The Capital Fund in June 2007.
For further information: www.polytherics.co.uk
About Minapharm Pharmaceuticals
Minapharm is headquartered in Cairo with production facilities in the tenth of Ramadan and is among the leading prescription medicine companies in Egypt and the Middle East. The company is specialized in the manufacture and marketing of innovative specialty pharmaceuticals and through its subsidiary Rhein-Minapharm-Biogenetics, in the research, development and manufacturing of biopharmaceuticals. The biotech subsidiary is focussing on the core therapeutic areas of liver disease and thrombosis & haemostasis. With three therapeutic proteins already marketed and several in the pipeline, Minapharm’s competence lies in decreasing time to market with adherence to the highest international ethical and safety standards. Minapharm employs a collective workforce of over 700 and is listed on the Cairo and Alexandria stock exchange (symbol:MIPH).
For further information, please visit Minapharm’s website at www.minapharm.com or the Rhein-Minapharm Biogenetics website at www.rhein-minapharm.com .