Biocomm and Monash University collaborate to establish CNSBio

Business development and seed finance company Biocomm Services and Monash University, through Monash Commercial, have established CNSBio -- a new Melbourne-based company focused on the research and treatment of pain associated with cancer and chronic inflammatory diseases.

The company's lead compound, which has yet to be given a code number, is being developed by Monash University's Prof Colin Goodchild. The compound is currently in phase II clinical trials at Southern Health Palliative Care for the treatment of pain in late-stage cancer patients.

"It's a drug that's been used for another indication previously. It modulates the activity of an ion channel," said CNSBio's CEO Ian Cooke.

With little in its drug development pipeline as yet, CNSBio has formed an alliance with Amrad (ASX:AML), which allows access to a portfolio of Amrad's compounds for treatment of pain and other central nervous system disorders for development under a licensing option agreement. If CNSBio chooses to develop one of these compounds, Amrad will take option equity in the company, said Cooke.

"In the longer term we'll be looking as keenly as anyone else that's looking for new projects to bring in to complement what skills we've got," said Cooke. "We have skills in the area of pain medicine, anaesthetics and palliative care."

CNSBio was established through an initial investment from Biocomm Services.

"BioTech Capital, Macquarie Bank and Queensland Biotechnology Fund are the three investors through Biocomm," said Cooke. "Biocomm has a rule that capital pool investments are capped at around AUD$1 million. They haven't put that much money in yet. But it obviously it's a tranche investment."

Cooke previously held positions at Melbourne life sciences consultancy Foursight Associates and several Burnet Institute start-up companies including Select Vaccines (ASX:SLT).