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Media and news 2004 NZ
cancer company raises $12.7m New Zealand anti-cancer company, Proacta Therapeutics Limited, a cooperative venture between The University of Auckland and Stanford University, has raised $12.7 million ($US8 million) from local venture capitalists and global leaders in the pharmaceutical and biotechnology industries to further develop its unique technology that targets hypoxic, or non-oxygenated, cancer cells in solid tumours, Aki von Roy, Proacta’s Chief Executive Officer, confirmed today. “ This is a very exciting day for New Zealand science and for a project that has the potential to provide a new treatment for a very large proportion of people with cancer,” he said. Speaking at a function to celebrate the funding for Proacta at The University of Auckland attended by Hon Pete Hodgson, the Minister of Science, Research & Technology, Mr von Roy said the funding confirmed the strength of the University’s research reputation and marked an exciting transition point for Proacta in advancing its programme of anti-cancer product development. “ The science team led by Professors Bill Denny and Bill Wilson at the Auckland Cancer Society Research Centre, The University of Auckland (ACSRC), and Professors Martin Brown and Amato Giacca at the Division of Radiation and Cancer Biology and the Department of Radiation Oncology at Stanford University are recognised as world-leaders. The majority of people who are diagnosed with cancer each year have significant areas of hypoxia in their tumours. Our scientists have produced compounds designed to specifically attack these cancers, “Mr von Roy said. Using “prodrugs” that remain inert until “switched on” in the hypoxic regions of tumours, Proacta’s compounds have the potential to destroy cancer cells while leaving healthy tissues untouched. Mr von Roy said it had long been known that targeting hypoxic cells had the potential to make both chemotherapy and radiation treatment very much more effective. There was also mounting evidence that hypoxia is a predictor for aggressive and rapidly progressing tumours, but to date treatments that effectively reached and destroyed hypoxic tumour cells had been elusive. “ Hypoxia-specific anti-cancer products will normally have to be administered in combination with other treatments, but Proacta’s new products have the potential to do what other therapies generally fail to do - and that is to kill hypoxic cancer cells,” he said The funding has been raised by an international syndicate led by Australia’s leading life science venture capital group, GBS Venture Partners. Other members of the syndicate are Genentech Inc and Roche, based in the United States and Switzerland, and No 8 Ventures and Endeavour i-Cap in New Zealand. Brigitte Smith, Managing Director of GBS, said Proacta’s technology was world standard. “We are focused on helping talented entrepreneurs build great life science technology companies. Proacta fits this mission perfectly. We are impressed by the company’s scientific strength and very pleased at the strong support shown by New Zealand investors and very significant global life sciences companies.” Professor Denny said Proacta’s research into prodrugs had begun almost 20 years ago. Preclinical research had been supported by a variety of government and public sources, including the Auckland Cancer Society, the Health Research Council of New Zealand, the Foundation of Research, Science and Technology through the NERF fund and the Marsden Fund, and the Cancer Society of New Zealand. The Government had also been a significant contributor to the latest funding through the New Zealand Venture Investment Fund. Professor Wilson said their team had developed several novel compounds with outstanding effectiveness in destroying cancer cells in human tumours in laboratory tests. “This funding will be used initially to take two new anticancer drugs into clinical trial in humans. It will support preclinical safety toxicology, manufacturing and formulation activities, in addition to Phase I clinical trials in advanced cancer.” Throughout the early years of the company’s history it had been supported by Auckland UniServices Limited, the wholly-owned company of the University which manages and develops its commercial research activities. Dr John Hood, Vice Chancellor of The University of Auckland, said Proacta underscored the University’s research capability and highlighted the investment opportunities this provided. Jenny Morel, Director of No 8 Ventures, said Proacta’s story was one of bringing strong science and business together. Mr von Roy, who was formerly President of Bristol Myers Squibb, Europe, and is now resident in New Zealand, had worked to secure this financing over two and half years, she said. “ We are committed to helping New Zealand technology companies that are in early development become successful substantial international companies,” she said. “ This is our first human pharmaceutical biotech deal, and it is a particularly exciting opportunity. Not only is there extremely high quality science underpinning the company, but in addition we are benefiting from the deal being led by an experienced life sciences venture capital investor from offshore and from having the syndicate include a leading pharmaceutical company and a leading biotechnology company.” Stuart McKenzie, General Partner of Endeavour said: "Our investment in Proacta will help fund significant drug development in New Zealand, taking world class research to the end of a substantial FDA Phase IIa clinical trial. With the combination of world class scientists and an international and experienced investor syndicate there are significant future opportunities on offer for the company." Hon Pete Hodgson, the Minister of Science, Research & Technology, said: "Today's announcement is a significant milestone, not just in the fight against cancer, but in the development of New Zealand's place in the multi billion dollar global biotech industry. Proacta's success is yet another example of New Zealand leading the world in scientific research. Proacta can be very proud of its achievements and in the way that they have been supported through a mix of government, academic, charitable and commercial funding."
For further information: Aki von Roy Professor Bill Denny
Jenny Morel Stuart McKenzie Robert Mannion
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