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15 June 2005 |
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FUNDING ADVANCES FIGHT AGAINST TYPE 2 DIABETES AND OBESITY |
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| UUTech Limited (UUTech), the University of Ulster's (UU) technology transfer arm, has advanced the fight against type 2 Diabetes and obesity by providing funding for the development of novel antidiabetec drugs. |
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| The funding is for Diabetica Limited (Diabetica), a specialty biotechnology company focused on the development of antidiabetic therapeutic products based on natural physiological molecules. UUTech is co-investing with Seroba BioVentures Limited (Seroba) a dedicated life sciences venture capital fund. |
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| Diabetica, based in UU, Coleraine, was established in 2004 to commercialise research from the 5* rated (highest possible score in the UK HEFCE University Research Assessment Exercise) Diabetes Research Group ( DRG ) at UU. The company is founded on proprietary technology developed in the DRG under the leadership of scientific co-founders Professor Peter Flatt, Professor Finbarr O'Harte and Dr Neville McClenaghan. |
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| Commenting on the funding, Matt O'Driscoll CEO of Diabetica said: "We are delighted with the validation this funding gives to our technology. Funds will be used primarily for development work on our lead programme, glucose-dependent insulinotropic polypeptide (GIP) therapeutics. This is the first stage in a fund raising and corporate partnering campaign over the next 12 months designed to advance our products into the clinic." |
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| Diabetica's GIP programme involves developing bio-engineered therapeutic peptide analogues. Using patent protected modifications of native GIP, Diabetica's products are potentially “best in class” insulin stimulating GIP agonists and are “first in class” insulin sensitizing GIP antagonists. These are exciting new approaches to the treatment of type 2 diabetes and related obesity. GIP based therapies promise advantage over existing and other planned diabetes/obesity therapies which can have shortcomings such as poor efficacy, difficult dosing regimens and adverse side effects. |
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Brian O'Connor Chairman of UUTech said: “T his successful funding round is a prime example of the role UUTech is playing in supporting the commercialisation of UU research. UUTech is delighted at the progress made so far. We will work to ensure that Diabetica has the best possible chance of success during the development phase of this exciting science over the next several years. Diabetica represents the latest investment in UUTech's portfolio, which ranges from therapeutics and medical devices to software." |
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Alan O'Connell a Partner at Seroba said: “We are pleased to have participated in Diabetica's first funding round. We were attracted by Diabetica's novel approach to addressing unmet clinical needs in the diabetes and related obesity area and its team of internationally recognised scientists.” |
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| Contact details |
| Dr Neville H McClenaghan
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| Diabetica Limited,
University of Ulster, Coleraine, BT52 1SA, Northern Ireland |
| Tel: +44-28-7032-3011; Fax:
+44-28-7032-4965; e-mail: nh.mcclenaghan@ulster.ac.uk |
| Matt O'Driscoll |
| Diabetica Limited, 1
Harvard, Ardilea, Roebuck Road, Dublin 14, Ireland |
| Tel: +353-1283-2941;
Fax: +353-1283-2941; e-mail: mattodriscoll88@hotmail.com |
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