Promics Pty Ltd is one of the first spin off companies from the Centre for Drug Design and Development, known from January 1 2000 as the Institute for Molecular Bioscience (IMB) at the University of Queensland.
Promics was formed in December 1999 with a $3 million investment of venture capital to commercialise the results of novel technology created by University of Queensland researchers. Rothschild Bioscience Managers Ltd and Start-up Australia Pty Ltd are investors in the company.
The technology has led to a group of compounds with promising biological activity which indicates they may have potential in the treatment of a wide range of inflammatory disorders including rheumatoid arthritis, acute respiratory distress syndrome and sepsis. A lead compound has been identified with properties that make it an attractive clinical candidate and preclinical studies are in progress. In technical terms, the lead compound enables inhibition of key elements of the complement cascade.
Start up companies like Promics represent a prototype example of a new high-tech growth industry in South East Queensland. Basic research discoveries by University academics can be turned into new business opportunities that, if properly cultivated, could create many new job opportunities and financial benefits for Queensland.
Promics is managed by Dr. Alan Robertson formerly of AMRAD, Fauldings and Glaxo Wellcome and the two founding scientists are Associate Professor David Fairlie and
Dr Stephen Taylor. The company is developing small molecules that reproduce or mimic elements of protein structure. These protein mimics retain the activities of proteins but have improved stability and bioavailability that make them more suitable than proteins as drugs.
Promics plans to oversee the testing of some of its drug candidates through to human clinical trials, while establishing relationships with pharmaceutical companies to jointly develop other discoveries. Promics' long-term aim is to bring new medicines to patient populations that are currently poorly served by existing treatments.
Media: Further information: Dr. Alan Robertson, General Manager, Promics Pty Ltd, Telephone 03 9522 4309
