Cryptome receives $1.9m Start grant

Cryptome Pharmaceuticals (ASX: CRP) has been awarded an R&D START grant from the Federal government to take its first lead compound, a naturally occurring peptide with anti-coagulant properties, through pre-clinical development and into the clinic for treatment of thrombosis and related cardiovascular conditions.

CR001 has been shown to work in function-based assays, including some diagnostic anti-coagulant tests used to evaluate coagulation in patients with coronary disease and deep vein thrombosis, and is an effective inhibitor of coagulation. The company plans to examine the efficacy and safety of the drug candidate, which appears to specifically target Tissue Factor-mediated mechanisms of coagulation, in animal studies, leading up to an expected IND application for commencement of Phase I clinical studies to the FDA in early 2006.

The $1.95 million grant reflects the coming together of Cryptome's business model, according to CEO Jeff Travis.

"We can't just be technology platform-focused, we need to have proof of concept -- that is, a product," he told Australian Biotechnology News.

For Cryptome, he said, that means choosing known targets, preferably with an available function-based assay, and screening for endogenous protein fragments and peptides with activity against the target, which can then be taken forward into commercial development.

"We use function-based assays to look at end stage activity at the beginning of the screening process," Travis said. "Our hits by definition are already physiologic."

In addition to the cardiovascular program, the company is also focusing on cancer targets. According to Travis, the plan is to take leads into Phase I and early Phase II studies, before partnering with a larger company for further development, although leads in non-focus areas may be partnered earlier or licensed out.

And the company is also in discussions with potential collaborators in Australia and overseas.

"It's important to develop strategic collaborations where it makes sense, to drive the company forward," Travis said. "We intend to fill in our pipeline as quickly as possible."

The company listed in late 2003, and since then has been quietly pulling together its management and advisory teams, with recent appointments including Travis, COO Craig Newton, chief scientific officer Vic Ilag -- founder of German company Xerion, US-based scientific consultant and biopharma veteran Paul Cossum, and new SAB member Prof Mike Waterfield from the Ludwig Institute in London.