High
profile US connection for diabetes company
Larry Ellingson had plans. After a top flight
career pioneering diabetes care at US pharmaceutical giant Eli Lilly
and with his role as chairman of the American Diabetes Association
due to end, he was looking forward to a new home in Arizona and
plenty of golf.
Until New Zealand biopharmaceutical company
Protemix came looking for a new chief executive to head up its
global operations out of San Diego.
“I’ve spent a lifetime fighting diabetes,” he
explained, “and round the world we face a growing problem with
diabetes, and the related metabolic disorders of obesity and
cardiovascular diseases that is reaching epidemic proportions. What
I saw when Protemix put their cards on the table was that some
pretty convincing solutions are starting to come out of this small,
relatively remote country called New Zealand.”
Protemix was established over 10 years ago, with
its research facilities located within The University of Auckland.
It discovers and develops novel therapies for cardiovascular
disease, diabetes mellitus and other metabolic disorders.
Professor Garth Cooper, Protemix’s President and
Chief Technical Officer, previously discovered the peptide hormone
amylin, invented amylin replacement therapy for diabetes, and in
1987 founded Amylin Pharmaceuticals, a NASDAQ-listed
biopharmaceutical company. Protemix’s international credentials are
further bolstered by the Chairman of the Board of Directors,
Professor Keith Mansford, former Chairman, Research and Development
at SmithKline Beecham.
One of the biggest problems facing diabetes
sufferers is heart failure and Protemix’s lead compound, Laszarin™,
may be a crucial weapon against this condition. Protemix researchers
published a study in the September 2004 edition of the
internationally influential journal Diabetes that demonstrated
regeneration of the heart in diabetic patients taking Laszarin™.
According to Larry Ellingson “The study caused
tremendous excitement in the international scientific community. For
the first time we understand the mechanism of this disease and how
to treat it. Here is a New Zealand company with a product moving
steadily and successfully through the development pipeline, which
could achieve global blockbuster status.”
But Laszarin™ alone did not convince Larry
Ellingson to take over the helm at Protemix. “More than 60 per cent
of the world’s health care expenditure is taken up by metabolic
disorders (diabetes, obesity and cardiovascular diseases). I saw
huge opportunities with Protemix because of the stream of molecules
being developed by the company which address some of these problems
and will help people live longer, healthier and better quality
lives.”
He admits that he was surprised at the level of
the company’s sophistication: “I was quite startled by Protemix.
I’ve worked in large pharmaceutical companies, and the equipment,
resources and facilities available to Protemix at Auckland
University are second to none. I haven’t seen anything to better it
anyplace else. What Protemix has done is bring forward a number of
potential new medicines in a much shorter period of time achieved
elsewhere. This is not a one molecule company. With three compounds
in the development phase and a further six in the discovery
pipeline, Protemix has an impressive platform from which to advance
towards commercialisation. I believe we will be able to make a major
contribution to alleviating suffering from diabetes, a major cause
of death worldwide, with the first of our new compounds. Within 18
months we will have Laszarin™ in Phase 3 and have two more potential
new medicines in human trials, which is pretty remarkable for any
one company.”
Larry Ellingson’s base will be Protemix’s office
in San Diego. His focus is on extending and developing Protemix’s
commercial relationships, in particular, to progress Laszarin™
through Phase 3 (human) trials for the treatment of heart failure in
people with diabetes. He will also be responsible for further
developing the corporate team covering regulatory affairs, clinical
trials and business development.
He explained: “Protemix will operate jointly in
the USA and New Zealand. This is an example of a New Zealand company
reaching out to collaborate with the United States on a topic of
great importance to both countries. The decision to keep Protemix a
New Zealand company and funded locally to this point has been wise
because you get a much better bang for your research buck in New
Zealand than you would elsewhere.”
To date the company has raised around NZ$26.5
million largely from New Zealand investors and is completing
arrangements for a further NZ$15 million locally. But Larry
Ellingson realises that in order to advance Laszarin™ and Protemix
to the next level internationally the company will need hundreds of
millions of dollars.
He commented: “Our lead product alone could
generate billion dollar annual sales within five years. We are
opening a portal to the world, not just the US, but to Europe and
the rest of Asia Pacific. New Zealand science is getting out there
in the global marketplace. I am passionate about the science and
medicine of this business and when the opportunity came to work
towards addressing those metabolic syndrome disorders responsible
for two thirds of global medical needs, more than 60 percent of
health care expenditure, it was irresistible.”
www.protemix.com |
