AUSTRALIAN biopharmaceutical company, Starpharma, has partnered with life sciences investment firm Medicxi to launch a new UK-based company called Petalion Therapeutics Limited.
The new venture will initially focus on developing novel targeted dendrimer-drug conjugate therapies in oncology, using Starpharma's proprietary DEP dendrimer platform technology.
"We are excited to announce this strategic partnership, which combines Starpharma's expertise in developing dendrimer technology with Medicxi's success in converting development candidates into high-value commercial assets," Starpharma CEO Cheryl Maley said.
"If successful, the oncology therapies that Petalion will develop have the potential to become an important treatment modality for a potentially wide range of cancer indications," she explained.
Medicxi will provide Petalion with an initial investment of up to US$25 million (A$38 million) to fund the development of a novel oncology drug candidate.
On an exclusive basis, Starpharma will license certain intellectual property to Petalion for the research, development, manufacture and commercialisation of this potential new therapeutic and, in turn, will gain a 22.5% stake in the new company.
Additionally, Starpharma will also provide R&D services to Petalion on a fee-for-service basis.
"Medicxi is a highly innovative organisation with extensive experience in drug development and commercialisation," Maley said.
"Their investment in this partnership validates the strong potential of Starpharma's DEP dendrimer technology as a novel drug delivery platform.
"This is just one of many ongoing efforts to prioritise the commercialisation of Starpharma's DEP platform and our partnerships to advance the application of the DEP technology in high-value novel therapeutic areas."
UK-qualified clinical oncologist and experienced pharmaceutical executive, Dr Mehdi Shahidi, has been appointed as Petalion's Chief Executive Officer. JM
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