Mimotopes and GlycoSyn IRL are Awarded NZ $715,000 to Build Specialist GMP Peptide Capabilities
Date Posted: Thursday, May 31, 2007
Mimotopes Pty Ltd and GlycoSyn, a business unit of IRL Ltd, were awarded NZ $715,000 from New Zealand Trade and Enterprise (NZTE) through the Australia New Zealand Biotechnology Partnership Fund to develop the Southern Hemisphere’s only specialist small molecule and peptide manufacturing facility operating under conditions of Good Manufacturing Practice (GMP).
The joint initiative, utilizing Mimotopes’ peptide expertise and proprietary synthesis platform and GlycoSyn’s stringent quality control systems, meets the expanding needs of the global biotechnology industry for custom-synthesized peptide therapeutic candidates.
According to Dr. Nick Hagan, Mimotopes’ CEO, “Peptides are the now fastest growing class of pharmaceuticals because of their specificity and efficacy. The alliance is well positioned to become a world leader in the manufacture of pre-clinical peptides by combining GlycoSyn’s expertise in GMP manufacturing with Mimotopes’ extensive experience in peptide-chemistry.”
Mr. Tim Boyd, GlycoSyn’s General Manager, Business Development said “We are very excited about the potential of the alliance to generate significant revenues and earnings for both companies. It fills an immediate need in both the local and international drug-development markets.”
The initiative will focus on peptide therapeutic candidates used in pre-clinical studies and phase I clinical trials. This ensures the retention of Mimotopes’ discovery-phase peptide customers through the development pipeline and also fills a gap in Mimotopes’ existing alliance with US-based Genzyme Pharmaceuticals.
The alliance between Mimotopes and GlycoSyn also enhances both companies’ capabilities in the synthesis of glycopeptides and peptidomimetics, important compounds in peptide vaccine and drug development.
The NZTE investment funds will be matched by a further investment of NZ$715,000 by IRL taking the overall investment in GlycoSyn to NZ$1,430,000 to be employed in the commissioning and operation of new peptide synthesis and analytical equipment at GlycoSyn’s GMP-certified facility in Lower Hutt, as well as new business development activities through Mimotopes’ global sales and marketing team.
Further Information: http://www.mimotopes.com