Promics progresses with BIF money

A $216,800 government grant to Promics is the latest piece of good news for the young biotech and its anti-inflammatory drug candidate PMX53.

The Biotechnology Innovation Fund (BIF) grant will be used to support pre-clinical work on topical applications of PMX53 for dermatitis.

The taxpayer funding was awarded a few months after Promics' venture capital backers made another $2.5 million available to the Brisbane biotech to push development work on oral applications of the drug.

Promics recently successfully completed animal toxicity trials in Scotland and currently has submissions before an ethics committee for Phase I human trials, which are expected to be completed around the end of the year, according to MD Alan Scott.

At that stage, Promics will become eligible for a $1.5 million milestone payment from its venture capital investors which include Rothschild Bioscience Managers and Start-Up Australia.

A successful conclusion to the Phase 1 studies will allow the company to move to Phase II trials early next year, Scott said.

"At the moment, it is all going according to plan. We are in the fortunate position of having the venture capital to get to the post-Phase II stage as a private company."

Promics' proprietary technology focuses on rational drug design of small molecules which can be used against a wide range of anti-inflammatory targets.

According to Promics, PMX53 has demonstrated its effectiveness in a number of inflammatory disease models including rheumatoid arthritis.

Promics' small molecule approach lends itself to administration orally, sub-cutaneously or topically which "gives us the best of all possible worlds," Scott said.

Anti-inflammatories which can be effective in pill form are a much sought-after product by the global pharmaceutical industry.

In its topical application, PMX53 could avoid unwanted side-effects present with steroid based anti-inflammatory creams.

According to Promics, it would have a significant impact on the treatment of inflammatory skin diseases such as dermatitis and psoriasis, which affect an estimated 36 million people in Australia and the G7 group of first-world countries.