QBF puts $2.5m to Xenome drug development
Wednesday, 06 April, 2005
Unlisted Brisbane biotech Xenome has secured $2.5 million in new funding from its major shareholder, the Queensland Biocapital Fund (QBF), to accelerate development of its product pipeline, including its pain-killing peptide from cone-shell toxin, Xen2174.
Xenome is planning a clinical trial of Xen2174 in cancer patients. Preclinical trials suggest that the peptide has superior pain-killing properties to morphine, the standard for relieving chronic intense pain in patients with advanced cancers.
The company has already won US Food and Drug Administration approval for Xen2174 as an investigational new drug.
Xenome has also confirmed the appointment of its co-founder and head of research, Dr Roger Drinkwater as its new CEO, and appointed two new US-based directors, Dr Peter Myers and Jeff Riley, to strengthen its overseas links and help it identify new R&D and commercial opportunities.
Myers is currently VP of chemical sciences for Structural GenomiX, and has extensive experience in the international pharmaceutical industry. He is also chairman of QBF's advisory board.
Riley also has experience at executive level in the international biotechnology, pharmaceutical and financial industries, Xenome said. He is currently VP, finance and corporate development, with Amphora Discovery Corporation.
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