Adipogen raises $2.25m for obesity drug, CEO
Wednesday, 02 November, 2005
Unlisted Brisbane-based company Adipogen has raised a further AUD$2.25 million to support the development of a novel treatment for obesity.
The investment was led by the Queensland Biocapital Fund (QBF) and supported by Uniseed, one of the company's original investors.
Adipogen was established by UniQuest from research work carried out in the University of Queensland and initially funded by Uniseed and the Queensland Government's technology fund BioStart. It has also received support of the Federal Government's Biotechnology Innovation Fund (BIF) and the Queensland government's Innovation Start-Up Scheme (ISUS).
The company has identified a novel target (fibroblast growth factor-1 or FGF-1) for the treatment of obesity. This growth factor is responsible for the formation of the cells (apidocytes) that store fat, and Adipogen's initial studies have indicated that drugs that inhibit this growth factor could be used to treat obesity.
"The next phase is to define the biology of the target and with this round of aim to develop a lead drug to take into clinical trials," said Adipogen chairman Peter Devine. "Current therapies based on appetite suppression and the reduction of fat absorption have had limited success in treating the disease. Unlike these, Adipogen aims to develop the first drugs that actually target the underlying cause of obesity, fat cell formation, rather than the symptoms.
"This molecule has already been implicated in cancer and there is the potential to partner with a company to use existing drugs already in the clinic for obesity -- it has the potential to be developed very quickly."
According to Devine, Adipogen will also use the funds to employ a CEO. "We will be bringing back an experienced CEO from the US to drive the business development aspects," he said. QBF CEO Mr Neill Colledge said in a statement, "QBF's investment is an endorsement of the calibre of work undertaken by Prof John Prins and his outstanding scientific team at the Centre for Diabetes and Endocrine Research. QBF remains committed to supporting novel Australian technologies and eagerly anticipates commercialisation of Adipogen's anti-obesity research."
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