Promics feeling optimistic after trials

Brisbane biotech Promics is feeling optimistic after successfully concluding human toxicity and safety trials on its anti-inflammatory drug PMX 53.

The drug discovery company, which enjoys solid backing from Australia's venture capital establishment, is now moving to test the efficacy of its lead compound in human trials being scheduled through hospitals in Europe and Australia.

Results from a Phase Ia human volunteer trial in Scotland showed the drug can be absorbed orally and that high dosage levels were safe and well tolerated, according to MD Alan Scott.

They pave the way for Promics to launch Phase Ib/IIa rheumatoid arthritis human trials in Amsterdam and Adelaide during the first half of 2003. The trials are likely to last between six and 12 months.

Promics has avoided the typical funding headaches of drug discovery startups thanks to the quality of its financial arrangements.

It earlier put in place $AUD2.5 million in second-round funding from sources led by GBS Venture Partners (formerly Rothschild Bioscience Managers), Start-up Australia Ventures and UniQuest.

The successful completion of the toxicity studies should trigger $1.5 million in milestone payments and Scott said he was "not concerned about funding" over the course of the upcoming trials.

Founded on research at the University of Queensland, Promics spent several years in pre-clinical development and testing of PMX 53.

The drug inhibits the C5a receptor, blocking the immune and inflammatory process at an earlier stage than targets of currently available anti-inflammatory drugs.

Blocking the C5a receptor may reduce the potential for side effects and diminish the associated pain and tissue damage caused by inflammation. The drug also has the potential to act more effectively across a broader population base than presently available treatments, according to Promics.

It says inflammatory diseases represent the largest pharmaceutical market in the world, with the five most common inflammatory/autoimmune related diseases - rheumatoid arthritis, sepsis, atopic dermatitis, multiple sclerosis and Alzheimer's disease.

The company believes PMX 53 is among the first in a new category of drugs to treat these diseases which collectively represent a $US44 billion annual market.