JCU’s $6m biotech launch
Paragen to development step
A $6 million biotech start up launched at JCU yesterday was millions of years in the making.
Paragen Bio Pty Ltd was launched at the university’s Australian Institute of Tropical Health and Medicine.
Paragen’s cutting edge depends on exploiting the therapeutic benefits of a blood sucking parasite known as the hookworm.
“We showed a number years ago that you can introduce a small number of parasitic hookworms into people and it would have a therapeutic effect, particularly in people with inflammatory diseases such as coeliac disease and other auto immune diseases,” Paragen head of research Professor Alex Loukas said.
“Rather than the use the worm to treat people we went looking for the molecular basis.”
It is a breakthrough that has taken millions of years of evolution between parasite and host.
“These molecules have been tailored over many years of co evolution so we believe they’ll be safe and highly effective,” Prof Loukas said.
The investment into Paragen was a three-way split by venture capital firms AbbVie Ventures — the venture arm of AbbVie, Inc, Brandon Capital’s MRCF and OneVentures.
“This investment means we can take the next step,” Prof Loukas said.
“We are now in the development phase. We are now able to take this program from a research program into a clinical development program and really think what would this drug look like and how we might treat patients.
“Auto-immune diseases are reaching epidemic proportions in developed countries and there is an urgent need for new therapeutic approaches.”
JCU senior deputy vice chancellor (or Provost) Prof Chris Cocklin said the Paragen launch was the first major spin-out from the AITHM.
“This is the realisation of a long-term investment. We wanted to establish Cairns as a premier research hub,” Prof Cocklin said.
“We have created an outstanding world class facility.”
Brandon Capital’s Chris Smith said the program at JCU had been monitored by the firm for up to six years.
“The quality of research that has been conducted at JCU is world class,” Mr Smith said.
“The attraction of leading pharmaceutical companies and investment funds is a true indication of the quality of the science.” Watch the video at www.cairnspost.com.au