Celtic Pharma Holdings and PolyTherics announce investment to develop novel biopharmaceuticals

22 February 2010

Celtic Pharma Holdings and PolyTherics Limited have announced an investment by Leverton Licence Holdings Limited (LLH), a wholly-owned subsidiary of CP2, into a research programme to develop a novel biopharmaceutical molecule.

This research programme will be undertaken jointly by PolyTherics and Cantab BioPharmaceuticals Limited, a wholly-owned subsidiary of CP2 based in Cambridge, UK.

PolyTherics will receive an upfront payment and ongoing technical support for the research, while LLH may elect to submit two further proteins for research under the collaboration. PolyTherics grants LLH an option to license products arising from the research collaboration, with PolyTherics receiving a share of any commercial returns. Further details of the agreement terms were not disclosed.

Dr Keith Powell, Chief Executive Officer of PolyTherics, said: “We are delighted to establish a working relationship with CP2 and its subsidiaries Cantab and LLH through this new therapeutic programme. Importantly, as we embark as a company on the development of our own bio-better products, we are excited to share in the rewards of product commercialisation resulting from this new collaboration”.

Commenting on the investment, John Mayo, Managing Partner of CP2 said: “The next generation of biopharmaceuticals will need to deliver increased benefits to patients, physicians and healthcare systems over the original products. We believe that PEGylation will be a key technology in addressing this need.

"Our investment in this project furthers our strategy of investing in companies and projects with well-differentiated technologies. Our commercial, regulatory, drug development and manufacturing experience will increase both the probability of success and the value of the products developed with PolyTherics. The advanced PolyTherics technology has proven itself elsewhere in this field and we are looking forward to working with the team and replicating its successes in our programmes.”