BioDiem options eye treatment peptide

Melbourne pharmaceutical development company BioDiem has taken an option over research involving the use of a peptide to treat major retinal diseases and age-related blindness.

Under an agreement with a Russian medical institute, BioDiem will carry out further validation work in Australia and Europe.

BioDiem CEO Tom Williams said the peptide approach offered much promise for the millions of people worldwide suffering from diabetic retinopathy and macular degeneration.

"The most recent approached to these conditions have been based on attempts to prevent neovascularisation of additional blood vessels that then lead to problems such as leaks and oedemas -- a sort of anti-angiogenesis approach," Williams said.

"This peptide appears to be working as a gene regulator and, while the hypothesis is not yet fully understood, it is working to stimulate differentiation of cells to develop into new retinal cells and so this is a novel approach."

He said that while the initial research has administered the peptide, known as BDM-E, by injection, the company planned to investigate other means of delivery.

Williams said the potential global market for the treatment was thought to be in the order of $US2-3 billion.

"Macular degeneration is a growing problem in the world's ageing population and there is currently no satisfactory treatment for this degenerative disease," Williams said. "Consequently we were excited to see the novel approach taken with this project that shows promise of providing the opportunity for the people with this condition to delay or even restore some loss of vision."

In Russia, early human studies conducted on 63 patients with macular degeneration found that 88 per cent of people demonstrated an improvement in the fundus, a circular area at the base of the retina that can be indicative of eye diseases.

In addition, 85 per cent of patients had some improvement in visual activity. Early studies have also indicated BDM-E could prove helpful to patients suffering diabetic retinopathy.

Williams said BioDiem intended to carry out further research to validate and extend these early stage findings within the next three to six months, with the company currently discussing the work with institutions in Australia and Europe.

Planning float

He said the company had enough cash to carry out the initial tests, but the results would probably lead to other work, which was one of the reasons for the company's planned float on the Australian Stock Exchange.

Williams said BioDiem was "well down the path" to preparing its prospectus and making the necessary arrangement to float by late this year.

Age-related macular degeneration is a degenerative disease in which the central part of the retina stops functioning properly and, as a consequence, central vision and the ability to see fine details are reduced.

It is a relatively common problem of the ageing eye and the leading cause of loss of visual activity and blindness in the world.

Diabetic retinopathy is a side effect of diabetes that affects the retina of the eye and can cause blindness.

In the United States market, about one quarter of the 14 million Americans with diabetes will have diabetic retinopathy.