Novapep secures $450k of funding to develop novel anti-inflammatory peptide
Novapep Pty Ltd is pleased to announce it recently closed the first $450k of its latest $600k equity funding round. The investment was led by a syndicate of Sydney Angels members for $250k, with previous investors including the University of Sydney contributing the balance.
Novapep is a pre-clinical stage Australian/US biotech company developing a novel peptide, G10, to treat inflammatory diseases such as atopic dermatitis, inflammatory bowel disease, and cerebral malaria; diseases which afflict many people around the world. G10 is being developed as a prescription drug for treating these diseases as it is stable and suitable for topical and oral use. It avoids the side-effects of existing therapies, which may enable patients to use it continuously to achieve lasting relief.
G10 was invented, patented, and licensed exclusively to Novapep by co-founder Professor John Griffin of the Scripps Research Institute in the USA. G10 is a mimetic of 3K3A-Activated Protein C (APC), an earlier invention of Professor Griffin, that is commencing a Phase 3 trial for treating stroke, supported by ~US$44 million of National Institutes of Health grants. A Phase 2 trial of APC for treating amyotrophic lateral sclerosis (ALS) is also nearing completion. The progress of APC suggests a good outcome for G10, which is expected to be 20 times cheaper than APC and applicable to more diseases.
The funds raised by Novapep in this current equity round will be used to complete pre-clinical studies of G10 by global experts in each of the following fields:
Skin Indications: Professor Chris Jackson (University of Sydney and the Kolling Institute of Medical Research) is undertaking a study in atopic dermatitis, and Professor Allison Cowan (University of South Australia) is undertaking two burns studies (one dose response and one time response);
Cerebral Malaria: Professor Georges Grau (University of Sydney) is undertaking a cerebral malaria in-vitro study;
Inflammatory Bowel Disease: Professor Stuart Brierley (Flinders University) is undertaking two trinitrobenzenesulfonic acid studies (one anti-inflammatory and one analgesic), and Professor Silvio Danese (San Raffaele, Milan) is undertaking a dextran sulphate sodium anti-inflammatory study.
Parties interested in the potential of G10 should contact Jay Hennock, CEO of Novapep Pty Ltd, for further information at firstname.lastname@example.org.