U of S Spin-off gets $3 Million Boost to Develop Anti-inflammatory Drug
Posted November 15, 2004
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FOR IMMEDIATE RELEASE - Monday, November 15, 2004
2004-11-24-OTHER
U of S Spin-off gets $3 Million Boost to Develop Anti-inflammatory Drug
IL Therapeutics, a U of S spin-off company located at Innovation Place,
today received $3 million from the Western Life Sciences Venture Fund (WLS)
to back research and development of a new drug treatment for Acute
Respiratory Distress Syndrome (ARDS).
The bulk of the investment will go to IL Therapeutics to develop a treatment
for ARDS and similar inflammatory diseases based on the work of John Gordon,
an immunologist at the Western College of Veterinary Medicine. The agreement
also calls for IL Therapeutics or another WLS fund company to contract
research services at the U of S.
"This partnership illustrates how publicly funded university-based research
creates opportunities for business while helping to solve real-world
problems for society," says U of S President Peter MacKinnon. "Universities
provide the initial discoveries that are the foundation for innovation,
while our partners in the investment community help ensure the benefits of
our research reach the public."
ARDS is a rapid form of respiratory failure resulting from an injury to the
lungs, induced by shock, pneumonia or other trauma. Patients with ARDS
experience extreme shortness of breath and often need mechanical ventilation
to help them breathe. Despite years of research, ARDS still kills roughly
half its victims - about 75,000 people each year in the United States alone.
"We are pleased to make our second investment in less than a year in
technology developed at the University of Saskatchewan," says Kevin McGarry,
President of Lombard Life Sciences. "The WLS Fund's "Enterprise
Creation(tm)" model provides the management as well as financial
requirements to move university-based research forward towards
commercialization."
Lombard manages the $90-million Western Life Sciences Venture Fund, which
creates, acquires and develops emerging life sciences companies. The Fund
has recently helped launch two Saskatchewan companies based on technology
developed at the U of S. Investment Saskatchewan Inc. is an investor in the
WLS Fund.
The heart of the technology is a protein, G31P, that can be administered by
injection to patients experiencing, or at risk of experiencing, ARDS. The
treatment may have other applications, such as rheumatoid arthritis and
inflammatory bowel disease in humans, as well as mastitis and shipping fever
in cattle.
The deal is the first major initiative brokered through the U of S Industry
Liaison Office (ILO), formed in 2003 to replace University of Saskatchewan
Technologies Inc. (UST) as part of the university's drive to identify and
foster discoveries with potential for commercialization. The U of S aims to
triple its total revenues from commercialized university-developed
technology to $3 million by 2010.
"Lombard has been an excellent partner in creating a model that will benefit
both the University and their investors," says ILO Managing Director Doug
Gill. "It's a foundation we can build upon to develop future technologies."
ILO operates out of the Office of the Vice-President Research to encourage
invention and innovation by faculty, promote research collaboration and
technology transfer opportunities with industrial partners, and help form
spin-off companies that will create and market products from U of S
inventions.
Over the past five years, UST/ILO has helped to set up seven new companies
in Saskatoon, ranging from small consulting companies to high-tech
nanotechnology and bio-pharmaceutical firms. For information about
available technologies, call 966-1465 or e-mail ilo@usask.ca.
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For more information, contact:
Michael Robin
U of S Research Communications
(306) 966-2427
michael.robin@usask.ca
Doug Gill
ILO Managing Director
University of Saskatchewan
(306) 966-7335
doug.gill@usask.ca
Kevin McGarry
President and CEO
Lombard Life Sciences
(306) 975-9883
