NeuroDiscovery, CSIRO team up

Perth-based neurology research and developer Neuro-Discovery Ltd has entered into a research collaboration with CSIRO.

Under the agreement, NeuroDiscovery will screen the CSIRO’s Division of Molecular and Health Technologies chemical library to discover new connexin and pannexin drug candidates for the treatment of various neurological conditions, including but not limited to neurological pain.

Once the candidates are identified, NeuroDiscovery and CSIRO will collaborate to optimise these leads. Neuro-Discovery will undertake the preclinical and clinical develop-ment of these compounds.

NeuroDiscovery executive director David McAuliffe said both groups would utilise each other’s expertise and capacity in the development of potential new drug candidates.

“CSIRO has a very unique chemical library,” he said. “NeuroDiscovery complements CSIRO by having the skills and research capabilities to screen [the library] for these types of compounds.”

CSIRO Molecular and Health Technologies chief Graeme Woodrow said CSIRO was ideally positioned as a key provider of scientific capabilities to support the formation and growth of promising Australian companies in the biotechnology sector.

“By forming partnerships with Australian biotech companies, CSIRO can assist companies such as NeuroDiscovery in their growth strategies,” he said.

NeuroDiscovery was formed in April last year and was listed on the Australian Stock Exchange in August 2005, having raised initial capital of approximately $1 million and a further $1.5 million via an initial public offering.

Last August, the company acquired UK-based neurology-focused biotech research and development company, Neuro-Solutions Ltd, for $3.7 million.

NeuroSolutions entered into an initial $155,000 revenue generating contract in December with the UK affiliate of a major US-based pharmaceutical company to provide electro-physiology and molecular biology services over a six-month contract period.

Last year, NeuroDiscovery entered into its first ‘revenue-creating’ contract in the Australian market with private Perth-based pharmaceutical company Alzhyme. The company is focused on developing drugs for use in the treatment of Alzheimer’s disease. Neuro-Discovery charges Alzhyme an undisclosed fee to access the company’s proprietary service model for testing proteins.

CSIRO is involved in more than 850 current, and recently completed, research projects, working with leading scientific organisations and businesses in Australia, the US, Japan, and Europe and with developing countries, especially in Asia.