NeuroTargets Corporate Deal

RNS Number : 4428P

Angle PLC

16 July 2010

 



ANGLE plc ("the Company")

NeuroTargets Corporate Deal

ANGLE plc ("ANGLE"), the international venture management company focusing on the commercialisation of technology and innovation, is delighted to announce strong progress with NeuroTargets, its 25% portfolio company specialising in the relief of neuropathic pain.

As highlighted in the Company's interim results, NeuroTargets has licensed its intellectual property in relation to neuropathic pain therapeutic molecules to the University of Bristol, who have used that background IP to successfully raise further funds to advance the galanin programme (galanin is a protein used by nerve cells to communicate with each other).  Wellcome Trust provided first phase funding of £540,000 for a research project at the University of Bristol to investigate these small molecules entitled "Wellcome Trust Seeding Drug Discovery Interim Award £540K to Prof David Wynick Drug development and optimisation of novel allosteric modulators of the second galanin receptor subtype (GalR2) for neuropathic pain". 

Following the success of the first phase work, the Wellcome Trust have now agreed a second phase funding of a further £3.8 million for the research project at the University of Bristol bringing the total funding to £4.3 million.  The second phase funding is intended to complete the pre-clinical work over the next two years to allow the small molecules to enter human trials.  If this work is successful, the small molecules can then be licensed to a major pharmaceutical company for clinical trials as a therapeutic for neuropathic pain.  The neuropathic pain relief drug market represents a multi billion dollar market.

Diabetes is the most common cause of neuropathic pain, which is often experienced as a burning or electrical pain.  In the UK, about 5% of the population are currently living with diabetes. Latest estimates from the World Diabetes Foundation predict that the world's population of diabetes sufferers will jump from 285 million in 2010 to 438 million by 2030, given the increasing levels of obesity. Of those with diabetes, over half typically develop peripheral nerve damage (neuropathy) and 15-20% of those patients typically develop chronic neuropathic pain, indicating a potentially huge market for a more effective painkiller.

ANGLE is delighted with the Wellcome Trust deal as it moves NeuroTargets closer to a significant share in the potential royalty income that may arise on the licensing of the molecules.

In addition to the work on neuropathic pain, NeuroTargets has through Professor Wynick's research also progressed investigation of the use of galanin molecules for Multiple Sclerosis (MS) and Alzheimer's disease (AD) and has had positive pre-clinical results.  The MS results were published in the prestigious scientific journal PNAS (Proceedings of the National Academy of Sciences of the United States of America) on September 8, 2009.  The results of this early stage research suggest that galanin could potentially have future therapeutic implications for MS. 

NeuroTargets has submitted applications for patents over the use of galanin molecules for the treatment of MS and AD.  If the Wellcome Trust funded work on the small molecules is successful, then the small molecules may also have potential application for MS and/or AD. 

David Wynick, Professor of Molecular Medicine at the University of Bristol, who is leading the project said:

"A drug that mimics the effects of galanin could offer relief to the millions of people with diabetes worldwide that currently suffer from this debilitating pain. At present we know of no other pharmaceutical company that is exploring galanin to develop a pain treatment and we are delighted that The Wellcome Trust is supporting our work in this area."

Rick Davis, Business Development Manager at the Wellcome Trust commented:

"Existing painkillers can prove largely ineffective against neuropathic pain so we are pleased to support this project, which addresses an area of huge unmet clinical need." 

ANGLE Founder and Chief Executive, Andrew Newland, commented:

"Each of the three application areas of neuropathic pain, MS and AD represent significant opportunities and we are delighted that Wellcome Trust is interested in investigating their potential."

For further information:

ANGLE plc	01483 685830
Andrew Newland, Chief Executive Ian Griffiths, Finance Director
Collins Stewart Europe Limited Stewart Wallace	0207 523 8350
Scott Harris Stephen Scott, James O'Shaughnessy, Harry Dee	0207 653 0030

Notes to Editors

ANGLE plc 

Founded in 1994, ANGLE is an international venture management company focusing on the commercialisation of technology and the development of technology-based industry. ANGLE creates, develops and advises technology businesses on its own behalf and for its clients. 

ANGLE's specialist Management services business provides support on a fee-for-service basis to major clients around the world involved in incubation, IP commercialisation, SME innovation and growth and the operation of science & technology parks.

ANGLE also owns a portfolio of companies with high growth potential in the medical and technology sectors in both the UK and the US.  These have been developed whilst subsidiaries of ANGLE using its proprietary Progeny® process.  ANGLE seeks to retain a substantial shareholding in these companies with a view to ongoing returns from dividend, milestone, royalty and capital returns.   

ANGLE's venture management and technology commercialisation skills are of increasing relevance as global economies focus on regeneration, innovation and value added components to their industries.  ANGLE's technology skills in IT and software, medical and life sciences, clean tech and renewable energies are directly relevant to major growth markets of the future and are marketed as specialised Management services. 

ANGLE is quoted on AIM (AGL.L); further information can be found on www.ANGLEplc.com 

About the Wellcome Trust

The Wellcome Trust is a global charity dedicated to achieving extraordinary improvements in human and animal health. It supports the brightest minds in biomedical research and the medical humanities. The Trust's breadth of support includes public engagement, education and the application of research to improve health. It is independent of both political and commercial interests.

www.wellcome.ac.uk

 

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