STOCKHOLM, SWEDEN – 8 July, 2016. Technomark Life Sciences and Promore Pharma today announced a strategic collaboration on the end-stage development of PXL01 for European registration and marketing, a product opportunity for prevention of post-surgical adhesions after hand-surgery, which has completed Phase II trials. The product candidate is aimed for the field of advanced wound care.
The two companies will collaborate on the Phase III clinical development of PXL01, a novel therapeutic peptide for prevention of post-surgical adhesions after tendon- and nerve-repair procedures in the EU.
Promore Pharma (former Pergamum AB) has discovered and developed PXL01 for which positive Phase II data were obtained in a recent Phase IIb clinical trial. This proprietary product candidate is based on a human peptide sequence that is part of the innate immune system. According to recent estimates by Markets & Markets, the world-wide market for advanced wound care products is expected to exceed 20 billion USD by 2020. Moreover, this global market segment is expected to grow at CAGR of 7% from 2015 to 2020, due to the rising aging population, growing incidences of diabetes, and technological advancements.
“There is a remarkable match between the resources in clinical development, advanced aseptic manufacturing and marketing held by Promore Pharma and its affiliates, and the clinical development capabilities that Technomark Life Sciences possesses for wound care products”, says Jonas Ekblom, President of Promore Pharma. “PXL01 is aimed as an offering in all traditional markets and represents an area that is underserved in respect to new pharmaceutical products for anti-adhesion in conjunction with hand surgery.”
The collaboration will involve an undisclosed investment by Technomark Life Sciences and their network for purchase of shares in the Promore Pharma group, as well as in-kind investments in the form of clinical development support for the Phase III trial in EU. In accordance with the terms of the collaboration, Technomark Life Sciences shall become a key strategic partner to operationalize the Phase III plans for the PXL01 technology in EU and India. The aim is to start the enrolment into a Phase III clinical program in 2017.
“We are delighted to see this strategic collaboration with Promore Pharma. This product candidate provides a unique and synergistic complement to our existing portfolio of co-funding ventures and is an important step in our international strategy to support advanced clinical development initiatives at all operational layers”, commented Allen Hakimi, CEO of Technomark Life Sciences. “We are offering a powerful blend of capital investments and clinical trial execution in global programs at all development stages.”
The product development of PXL01-related products will be implemented as a collaboration between Promore Pharma, PharmaResearch Products Ltd., Technomark Life Sciences as well as other strategic partners.
For further information, please contact:
Jonas Ekblom, President, Pergamum AB
Phone: +1 714 369 0478, e-mail: jonas.ekblom@promorepharma.com
Allen Hakimi, Managing Director, Technomark Life Sciences.
Phone: (+1) 919 656 3624, e-mail: ahakimi@technomark.com
About Promore Pharma
Promore Pharma, is a biopharmaceutical company specialized in the development of therapeutic peptides for local application in wounds and infections. The company’s vision is to develop a portfolio of unique development programs representing high medical value in advanced wound- and skin care that ultimately, through global partnerships, will result in first-in-class products. The current development pipeline includes several therapeutic peptides of which three programs are in clinical development, with potential for use in several medical applications. Rosetta Capital, Midroc and PharmaResearch Products Ltd are the main investors in Promore Pharma, which is affiliated with Lipopeptide AB. Please visit Promore Pharma’s web site: www.promorepharma.com.
About Technomark Life Sciences
Technomark Life Sciences is a British specialty investment firm with a life science focus. Since 1987, the company has demonstrated a proven track record in venture capital, and drug and product development through a unique co-funding and co-development business model. Technomark shares the cost and the risk of preclinical and clinical programs. For more information please visit www.technomarkls.com.