$10 million investment to boost treatment of pain

A company formed to commercialise technology developed in Queensland to treat pain and control bleeding has secured a $10 million investment deal.

The QRxPharma (QRx) financing agreement is one of the largest ever involving an Australian University technology transfer company. Company president and CEO Dr Gary Pace said QRx was formed to commercialise outstanding technology developed at The University of Queensland.

"The Company's lead product is targeted at the largely unmet, multi-billion dollar market for the treatment of moderate to severe pain," he said. "Preliminary clinical studies demonstrating benefits of the product have been successfully completed. Further studies to allow for product registration will start in 2003.

"Additional products under development include treatments for the prevention of excess bleeding in open-heart surgery and the cessation of active bleeding in emergency situations and general surgery."

Item provided courtesy of The University of Queensland