PHARMAUST, CURTIN UNIV OF TECHNOLOGY WORK ON DIABETES
November 6th 2008 10:00
Tuesday November 4, 2008
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PHARMAUST
Pharmaust and the Curtin University of Technology will collaborate to develop orally available insulin mimetics for the treatment of diabetes.
Pharmaust said its wholly-owned subsidiary Epichem Pty Ltd would join the University ”to expand on Curtin's existing intellectual property”.
Pharmaust said Epichem would provide the synthetic and medicinal chemistry services of one chemist for up to one year in return for 40 percent of the project.
Curtin will contribute biological testing and assist with the design of potential new drugs.
Pharmaust said the incidence of diabetes was increasing rapidly and affected more than 194 million people worldwide.
The disease has been reported as one of the most costly health problems in the world, costing the US alone more than $US100 billion a year, the company said.
Treatments for insulin-dependent diabetes involve the administration of insulin by injection, so the development of an orally available insulin mimetic to avoid the use of needles would be “a major breakthrough” in the treatment of the disease, Pharmaust said.
Pharmaust said Epichem would generate a profit for shareholders through its fee-for-service contract work, while continuing to generate potentially valuable intellectual property through its in-house and collaborative research projects.
Pharmaust was untraded at 1.9 cents.
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