Subiaco-based PharmAust Ltd, through its wholly owned subsidiary Epichem Pty Ltd, has entered into a joint venture agreement with Curtin University to develop oral insulin for the treatment of diabetes.
Below is the announcement:
PharmAust (ASX: PAA) is pleased to announce that its wholly owned subsidiary, Epichem Pty Ltd, has entered into a Joint Venture Agreement ("JVA") with Curtin University of Technology (Curtin) to develop orally available insulin mimetics for the treatment of diabetes.
The JV will expand on Curtin's existing intellectual property and will see Epichem provide the synthetic and medicinal chemistry services of one chemist for up to one year in return for 40% of the project. Curtin will contribute biological testing and assist with the design of potential new drugs.
The incidence of diabetes is increasing rapidly and it now affects more than 194 million people worldwide. The disease has been reported as one of the most costly health problems in the world, costing the USA alone over US$100 billion annually.
Current treatments for insulin-dependent diabetes involves the invasive administration of insulin by injection, and 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.
Epichem is focused on generating a profit for shareholders through its fee-forservice contract work, whilst continuing to generate potentially valuable intellectual property through its in-house and collaborative research projects.
