A new biotechnology company was launched last week with the help of local commercialisation specialists QPSX Ltd, Venture Positioning Services Pty Ltd and Tessitura Pty Ltd.
A new biotechnology company was launched last week with the help of local commercialisation specialists QPSX Ltd, Venture Positioning Services Pty Ltd and Tessitura Pty Ltd.
Dimerix Bioscience is a drug development company with the objective of commercialising unique technology in the field of receptor coupling, developed at the Western Australian Institute for Medical Research (WAIMR), where 2005 40under40 First Amongst Equals winner, professor Lyle Palmer, is a researcher.
Dimerix’s core business is the design of a class of drugs based on a patent it holds over the molecular interaction of G-proteins with cells. According to the company, this strategy reduces development time and increases the likelihood of success.
However, industry observers see it as a paradigm shift in the way drugs are developed.
While the technology is still based in the laboratories of WAIMR at Sir Charles Gairdner Hospital, the team’s next step will be to develop its own research centre.
The molecular endocrinology group at WAIMR is behind development of the Dimerix technology and is led by associate professor Karin Eidne.
Dr Eidne told WA Business News the patented technology would allow Dimerix to design drugs for wide-ranging applications and diseases such as obesity, cancer and heart disease.
Studies have shown the technology has an important role in future drug design.
QPSX has taken a 5 per cent stake in Dimerix, while listed Melbourne-based nano-medicine company Starpharma Holdings owns 30 per cent of the equity. Tessitura and VPS, which have undisclosed minority holdings, are providing strategic commercialisation assistance.
“QPSX has taken a minor founding stake in Dimerix Biosciences as part of its strategy of supporting the commercialisation of significant early stage technologies,” QPSX chief executive Graham Griffiths said.
Dimerix’s acting chief executive is QPSX general manager Matt Callahan, who last week told the Australian Stock Exchange: “The relationship with Starpharma provides a solid foundation to the company, and an opportunity to accelerate a wider drug development program which aims to abridge the standard development timeline.”
As part of the arrangement, major shareholder Starpharma has also entered into a joint venture arrangement with Dimerix for collaboration on research.
Dimerix was incorporated as a commercial company at the end of 2004 after Mr Callahan, Michael Chappell from VPS and James Williams from Tessitura formed an advisory board in 2003 to steer business development of Dimerix.
Based in South Perth, Venture Positioning Services was founded in 2002. Holding US patents over the methodology of commercialisation, the company has a venture capital business plan currently based on the biotechnology, mining and water management industries.
Despite floats by other local high-tech based enterprises, such as Advanced Nanotechnology in February, and with biotechnology focused Phylogica due to list this month, VPS principal Michael Chappell said it was too early to be talking about going public with Dimerix.
“Because of the mining background in WA, businesses tend to go to IPO too quickly. For these [biotechnology] types of businesses it’s not a good idea as there are multiple rounds of proving the technology before it is commercially viable,” Mr Chappell said.
Nedlands-based Tessitura offers commercialisation services in strategic planning, corporate structuring and human resources, and has worked with a wide range of organisations including public and private companies, individuals, universities and research organisations.
